SIRIO(300791) 东吴证券·2024-08-12 15:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong revenue growth in H1 2024, achieving 1.99 billion yuan, a year-on-year increase of 28.85%, and a net profit of 154 million yuan, up 52.66% year-on-year [2] - The demand in the Americas remains robust, with Q2 revenue reaching 1.04 billion yuan, a year-on-year increase of 23.29% [2] - The company is expected to maintain a strong performance in the second half of the year, with confidence in achieving its annual revenue growth target of 20% and a net profit of 400 million yuan [3] Financial Performance Summary - For H1 2024, the company achieved revenue of 1.99 billion yuan, with a net profit of 154 million yuan, and a non-recurring net profit of 154 million yuan [2] - In Q2 2024, revenue was 1.04 billion yuan, with a net profit of 91 million yuan [2] - The company’s revenue by product in H1 2024 included soft capsules (889 million yuan), tablets (142 million yuan), powders (142 million yuan), gummies (486 million yuan), beverages (140 million yuan), hard capsules (98 million yuan), and other forms (80 million yuan) [2] - Revenue by region in H1 2024 was 832 million yuan from China, 729 million yuan from the Americas, 295 million yuan from Europe, and 136 million yuan from other regions [2] Profitability and Margin Analysis - The net profit margin for Q2 2024 was 8.8%, an increase of 0.28 percentage points year-on-year, with a gross margin of 33.35%, up 2.41 percentage points year-on-year [3] - The company’s internal business gross margin improved due to continuous lean production, increased service revenue, and product structure upgrades [3] - The company expects to turn around its BF segment, which has been experiencing losses, in the second half of the year [3] Earnings Forecast and Valuation - The company is projected to achieve revenues of 4.35 billion yuan, 5.01 billion yuan, and 5.66 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 21%, 15%, and 13% [3] - The expected net profits for the same years are 402 million yuan, 477 million yuan, and 587 million yuan, with year-on-year growth rates of 43%, 19%, and 23% [3] - The projected EPS for 2024, 2025, and 2026 are 1.70 yuan, 2.02 yuan, and 2.49 yuan, with corresponding P/E ratios of 14x, 12x, and 9x [3]