昊海生科：2024半年报点评：玻尿酸保持同比高增态势，扣非利润实现稳健增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 1.404 billion yuan in H1 2024, representing a year-on-year increase of 6.97%, and a net profit attributable to shareholders of 235 million yuan, up 14.64% [2] - The medical aesthetics segment grew over 25%, with hyaluronic acid products increasing by over 50% [2] - The ophthalmology segment faced revenue pressure, with a decline of 6.02% in H1 2024, although new products like the OK lens showed positive growth [2][3] - The orthopedics segment remained stable, while the surgical segment experienced a slight decline [3] - The company is expected to achieve net profits of 5.11 billion yuan, 6.32 billion yuan, and 7.61 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 27, 22, and 18 [3] Summary by Sections Financial Performance - Total revenue for 2022 was 2.13 billion yuan, increasing to 2.654 billion yuan in 2023, with projections of 2.902 billion yuan in 2024 [1] - Net profit attributable to shareholders was 180.47 million yuan in 2022, rising to 416.12 million yuan in 2023, and expected to reach 511.20 million yuan in 2024 [1] - The latest diluted EPS is projected to be 2.17 yuan for 2024, with a P/E ratio of 27.47 [1] Segment Performance - The medical aesthetics segment generated 634 million yuan in H1 2024, with hyaluronic acid products contributing 417 million yuan [2] - The ophthalmology segment generated 452 million yuan in H1 2024, with a notable decline in artificial lens revenue [3] - The orthopedics segment achieved 233 million yuan in revenue, while the surgical segment saw a slight decrease [3] Future Outlook - The company is expected to maintain strong growth in its medical aesthetics products, while the ophthalmology segment may recover post-collection [3] - The approval of the fourth-generation hyaluronic acid product is anticipated to sustain high growth rates in the premium product line [2]