万孚生物：夯实产品竞争力，业务实现高质量增长

Investment Rating - The investment rating for Wanfu Biological (300482) is "Buy" [1] Core Views - The company achieved a revenue of 1.575 billion yuan in the first half of 2024, representing a year-on-year increase of 5.82%. The net profit attributable to shareholders was 356 million yuan, up 6.37% year-on-year, while the net profit excluding non-recurring items reached 325 million yuan, reflecting a 9.93% increase [1] - The core business shows steady growth, with significant improvements in profitability. The gross profit margin for the first half of 2024 was 64.34%, an increase of 0.79 percentage points year-on-year, and the net profit margin was 22.75%, up 0.39 percentage points year-on-year [1] - The company is focusing on enhancing its product capabilities and expanding both domestic and international markets, with steady growth in product lines such as infectious disease testing, chronic disease testing, and prenatal screening [1] Financial Performance Summary - For the first half of 2024, the company reported a revenue of 1.714 billion yuan in Q2, a year-on-year increase of 8.70%, and a net profit of 137 million yuan, up 5.08% year-on-year [1] - The company’s revenue projections for 2024-2026 are 3.3 billion, 4.081 billion, and 5.02 billion yuan, with year-on-year growth rates of 19.4%, 23.7%, and 23.0% respectively [1][2] - The net profit attributable to shareholders is expected to be 650 million, 844 million, and 1.081 billion yuan for 2024-2026, with corresponding growth rates of 33.2%, 29.9%, and 28.1% [1][2] Research and Development - The company invested 217 million yuan in R&D in the first half of 2024, accounting for 13.75% of total revenue, which supports the launch of new products and strengthens its competitive position in the immunofluorescence field [1] - The company has received FDA EUA authorization for its new COVID-19, H1N1, and H3N2 triple detection kits, enhancing its competitive edge in the immunology sector and laying a solid foundation for expanding into the North American market [1] Profitability Metrics - The sales gross margin for the first half of 2024 was 64.34%, with a net profit margin of 22.75%, indicating improved profitability driven by scale effects in core business areas [1] - The company’s operating income for 2024 is projected to be 3.3 billion yuan, with a gross margin of 65.0% and a net asset return (ROE) of 11.5% [2][3]