华东医药：业绩增长稳健，持续推进创新研发和医美矩阵完善

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1][4]. Core Views - The company achieved a revenue of RMB 20.965 billion in the first half of 2024, representing a year-on-year growth of 2.84%, and a net profit attributable to shareholders of RMB 1.696 billion, which is an increase of 18.29% [4][5]. - In the second quarter of 2024, the company reported a revenue of RMB 10.554 billion, up 2.76% year-on-year, and a net profit of RMB 0.834 billion, reflecting a growth of 22.85% [4][5]. - The pharmaceutical industrial business continues to grow steadily, with the core subsidiary achieving a revenue of RMB 6.698 billion in the first half of 2024, a year-on-year increase of 10.63% [5]. - The domestic medical beauty business also showed robust growth, with revenue reaching RMB 1.348 billion in the first half of 2024, up 10.14% [5]. Summary by Sections Financial Performance - The company reported a total revenue of RMB 20.965 billion in H1 2024, with a net profit of RMB 1.696 billion, marking a 2.84% and 18.29% increase respectively [4][5]. - For Q2 2024, revenue was RMB 10.554 billion, and net profit was RMB 0.834 billion, reflecting a growth of 2.76% and 22.85% respectively [4][5]. Business Segments - The pharmaceutical industrial segment saw a revenue of RMB 6.698 billion in H1 2024, with a net profit of RMB 1.385 billion, indicating a growth of 10.63% and 11.48% respectively [5]. - The medical beauty segment generated RMB 1.348 billion in revenue, with a notable 10.14% growth, and the subsidiary achieved RMB 0.618 billion, up 19.78% [5]. Future Outlook - The company maintains its profit forecast for 2024, 2025, and 2026, expecting net profits of RMB 3.447 billion, RMB 4.113 billion, and RMB 4.975 billion respectively, with corresponding EPS of RMB 1.96, RMB 2.34, and RMB 2.84 [5][6]. - The price-to-earnings ratio is projected to be 15.4 times, 12.9 times, and 10.7 times for the years 2024, 2025, and 2026 respectively [5][6].