片仔癀：成本端短期承压，核心产品稳步增长且产品矩阵有望逐步丰富

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company reported a revenue of 5.65 billion yuan for the first half of 2024, representing a year-on-year growth of 12%. The net profit attributable to shareholders was 1.72 billion yuan, up 11.6% year-on-year [1]. - The company is focusing on optimizing its channel layout and enhancing management efficiency, which is expected to support the growth of its core products and the development of a new product matrix [1]. - The company has launched an action plan for 2024 aimed at improving quality and efficiency while maintaining investor returns, with a potential mid-year cash dividend not exceeding 50% of the net profit attributable to shareholders [1]. - The company is actively developing new products, with several key products expected to exceed 100 million yuan in sales, and has received clinical approval for a new drug targeting lymphoma [1]. Financial Summary - The company’s projected net profits for 2024, 2025, and 2026 are 3.135 billion yuan, 3.525 billion yuan, and 3.929 billion yuan, respectively, with year-on-year growth rates of 12.1%, 12.4%, and 11.5% [2]. - The company’s revenue is expected to grow from 11.241 billion yuan in 2024 to 14.068 billion yuan in 2026, with corresponding growth rates of 11.8% and 12.8% [2]. - The company’s P/E ratios for 2024, 2025, and 2026 are projected to be 39.7, 35.3, and 31.7, respectively [2].