普洛药业：2024年半年报点评：高基数下营收利润再创新高，三大业务稳健发展

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 15.57 yuan [3]. Core Views - The company achieved a revenue of 6.429 billion yuan in the first half of 2024, representing a year-on-year growth of 7.96%, and a net profit attributable to shareholders of 625 million yuan, up 3.96% year-on-year [1]. - The raw material and intermediate business saw significant improvement in Q2, with revenue reaching 4.704 billion yuan, a year-on-year increase of 11.89%, and a gross margin of 16.22% [1]. - The CDMO business experienced a revenue decline of 9.82% to 1.027 billion yuan, but the number of projects increased significantly, with 731 quoted projects, a 51% increase year-on-year [1]. - The formulation business reported revenue of 680 million yuan, an 18.37% increase year-on-year, with a gross margin of 60.30%, up 9.92 percentage points from the previous year [1]. - The company is expected to achieve net profits of 1.182 billion yuan, 1.374 billion yuan, and 1.620 billion yuan for 2024, 2025, and 2026 respectively, corresponding to PE ratios of 15, 13, and 11 times [1][4]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 6.429 billion yuan, a 7.96% increase year-on-year, and a net profit of 625 million yuan, a 3.96% increase year-on-year [1]. - Q2 revenue was 3.231 billion yuan, up 12.61% year-on-year, with a net profit of 381 million yuan, a 5.35% increase year-on-year [1]. Business Segments - The raw material and intermediate segment generated 4.704 billion yuan in revenue in H1 2024, with a gross margin of 16.22% [1]. - The CDMO segment's revenue was 1.027 billion yuan, with a gross margin of 40.09% [1]. - The formulation segment achieved 680 million yuan in revenue, with a gross margin of 60.30% [1]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 1.182 billion yuan in 2024, 1.374 billion yuan in 2025, and 1.620 billion yuan in 2026 [4]. - The company is enhancing its R&D capabilities and expanding its production capacity to support future growth [1].