科伦药业：Q2业绩略超预期，三发驱动业绩高效增长

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [4][5]. Core Views - The company's Q2 performance slightly exceeded expectations, driven by three main factors contributing to efficient growth [2]. - For H1 2024, the company anticipates a revenue of 11.827 billion yuan, representing a year-on-year growth of 9.52%, and a net profit attributable to shareholders of 1.8 billion yuan, up 28.24% year-on-year [1]. - The company is focusing on optimizing its product structure in both infusion and non-infusion formulations, enhancing market development, and reducing production costs through energy-saving measures [1][2]. Financial Summary - The company projects revenues of 23.335 billion yuan for 2024, with a growth rate of 8.77%, and net profits of 3.152 billion yuan, reflecting a growth rate of 28.31% [2][3]. - The diluted earnings per share (EPS) are expected to be 1.97 yuan for 2024, with corresponding price-to-earnings (PE) ratios of 15.85 for the same year [2][3]. - The company has shown a significant improvement in its financial structure, with a decrease in financial expenses and a reduction in interest-bearing debt [1][2].