片仔癀：各项业务实现平稳增长，天然牛黄进口有望缓解成本压力

Investment Rating - The investment rating for the company is "Accumulate-A" with a target price of 230.85 CNY for the next six months, which corresponds to a dynamic PE ratio of 45 times for 2024 [4][9]. Core Views - The company achieved stable growth across various business segments, with a 12% year-on-year increase in revenue to 5.651 billion CNY and an 11.73% increase in net profit to 1.722 billion CNY in the first half of 2024 [1][2]. - The report highlights the potential for imported natural cow bile to alleviate cost pressures, as its price has stabilized at 1.4 million CNY/kg since 2024 [3][8]. - The company is focusing on enhancing its product offerings and expanding its marketing reach, aiming to boost sales of key products and increase market penetration through both traditional and online channels [8]. Summary by Sections Financial Performance - In H1 2024, the pharmaceutical manufacturing segment generated 2.893 billion CNY in revenue, up 16.78% year-on-year, with liver disease medications contributing 2.640 billion CNY, a 17.29% increase [2]. - The gross profit margin for the company's main business was 44.83%, down 2.25 percentage points from H1 2023, primarily due to rising raw material costs [2]. - The company reported a significant increase in cash payments for goods and services, totaling 4.279 billion CNY, an 86.29% increase year-on-year [2]. Market and Product Strategy - The company plans to focus on key products, aiming to enhance the performance of major items such as "An Gong Niu Huang Wan" and "Hepatoprotective Capsules" [8]. - The marketing strategy includes expanding coverage through partnerships with major pharmacy chains and increasing online sales presence on platforms like JD and Alibaba [8]. Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 11.195 billion CNY, 12.466 billion CNY, and 13.838 billion CNY, respectively, with net profits expected to reach 3.094 billion CNY, 3.514 billion CNY, and 3.961 billion CNY [9][10].