NHWA(002262) 西南证券·2024-07-31 07:03Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 2.76 billion yuan in the first half of 2024, representing a year-on-year growth of 15.1%, and a net profit attributable to shareholders of 630 million yuan, up 15.5% [2] - The growth is driven by the strong performance of new products "Jingru Shua A" and "Aosailidin," alongside effective market penetration in county-level healthcare and the sleep market [2] - The company continues to invest in R&D, with 320 million yuan allocated in the first half of 2024, a 13% increase year-on-year, and multiple clinical trials underway for innovative drugs [2] Summary by Sections Performance Summary - Revenue for the first half of 2024 reached 2.76 billion yuan, a 15.1% increase - Net profit attributable to shareholders was 630 million yuan, reflecting a 15.5% growth - The gross margin stood at 72.5%, a decrease of 1.25 percentage points, while the net margin remained stable at 22.67% [2] R&D and Innovation - R&D expenses accounted for 10.9% of revenue, an increase of 1 percentage point - The company is advancing several clinical projects, including one Phase III and two Phase II trials, with plans to submit three clinical applications in the second half of 2024 [2] Profit Forecast and Investment Advice - The company is expected to generate net profits of 1.21 billion yuan, 1.42 billion yuan, and 1.74 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 19, 16, and 13 [3] - The report emphasizes the potential of TRV130 to continuously drive performance [3]