HWHG(SH:600079) Guolian Securities·2024-07-29 00:30Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a revenue of 12.861 billion yuan in the first half of 2024, representing a year-on-year increase of 3.86%. The net profit attributable to shareholders was 1.111 billion yuan, a decrease of 16.07% year-on-year, while the net profit excluding non-recurring items was 1.089 billion yuan, an increase of 1.68% year-on-year. The performance met expectations [10][11] - The company plans to distribute a mid-term dividend of 1.5 yuan per 10 shares (tax included) [10] - The core subsidiary, Yichang Renfu, achieved a revenue of 4.502 billion yuan, a year-on-year increase of 11.78%, and a net profit of 1.425 billion yuan, a year-on-year increase of 17.59%, which was the main driver of the company's performance [11] Financial Summary - The company expects revenues for 2024, 2025, and 2026 to be 26.318 billion yuan, 28.282 billion yuan, and 30.375 billion yuan, respectively, with year-on-year growth rates of 7.31%, 7.46%, and 7.40% [13] - The net profit attributable to shareholders is projected to be 2.465 billion yuan, 2.828 billion yuan, and 3.207 billion yuan for the same years, with growth rates of 15.51%, 14.71%, and 13.38% respectively [13] - The company is a leader in the anesthetic drug market, and the report maintains a "Buy" rating [13] Business Development - The company is expanding its product line around its core anesthetic products, with new approvals for various formulations aimed at different medical scenarios, including ICU pain management and cancer pain [12] - The report indicates that the management expenses are expected to improve in the second half of the year [11]