Lingrui Pharma(600285) 浙商证券·2024-08-13 07:05Investment Rating - The investment rating for the company has been upgraded to "Buy" based on its better-than-expected profitability and the sustainability of its marketing and management improvements [3]. Core Views - The company's revenue for the first half of 2024 reached 1.906 billion yuan, a year-on-year increase of 12.07%, with a net profit attributable to shareholders of 413 million yuan, up 30.30% year-on-year, indicating strong performance [2][3]. - The revenue growth is expected to remain robust, with a forecasted annual growth rate of over 10% for the full year 2024, driven by a low base effect from the previous year and anticipated recovery in hospital product sales [2][3]. - The company's gross margin improved to 76.04%, with a decrease in sales expense ratio to 44.85%, reflecting effective marketing strategies and digital integration [2][3]. Financial Summary - For the first half of 2024, the company reported a net profit margin of 21.67%, an increase of 3.03 percentage points year-on-year, and a projected net profit margin of 18.80% for the full year [2][3]. - The forecast for 2024-2026 includes expected net profits of 704 million yuan, 831 million yuan, and 973 million yuan, representing year-on-year growth rates of 23.97%, 18.04%, and 17.07% respectively [4][3]. - The earnings per share (EPS) are projected to be 1.24 yuan, 1.47 yuan, and 1.72 yuan for 2024, 2025, and 2026, with corresponding price-to-earnings ratios of 18.55x, 15.72x, and 13.43x [4][3].