昊海生科：创新玻尿酸同比高增长51%，眼科放量蓄势中

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 1.404 billion, 235 million, and 230 million RMB respectively in the first half of 2024, representing year-on-year growth of 6.97%, 14.64%, and 22.66% [2]. - The innovative hyaluronic acid product "Haimi" continues to drive significant growth, with the hyaluronic acid segment generating 417 million RMB in revenue, marking a 51% year-on-year increase [3]. - The company is expanding its product line with the upcoming launch of the fourth-generation organic cross-linked hyaluronic acid "Haimi Moon White," which is expected to enhance marketing efforts and profitability [3]. - The ophthalmology segment is poised for growth with the anticipated approval of innovative hydrophobic injection artificial lenses, despite a decline in revenue due to price reductions from centralized procurement [3]. Summary by Sections Performance Overview - In the first half of 2024, the company reported revenue of 1.404 billion RMB, net profit of 235 million RMB, and net profit excluding non-recurring items of 230 million RMB, with respective year-on-year growth rates of 6.97%, 14.64%, and 22.66% [2]. Medical Aesthetics - The medical aesthetics segment generated 417 million RMB in revenue, achieving a 51% year-on-year growth, driven by the innovative product "Haimi" [3]. - The third-generation hyaluronic acid product features high cohesiveness and natural results, contributing significantly to revenue growth [3]. Ophthalmology - The ophthalmology segment reported revenue of 452 million RMB, a decline of 6.02% year-on-year, primarily due to price reductions from centralized procurement [3]. - The company is investing in R&D, with expenses of 125 million RMB in the first half of 2024, a 23.68% increase year-on-year, indicating a commitment to innovation [3]. Financial Projections - The revenue forecast for 2024 and 2025 has been adjusted downwards to 3.2 billion and 3.85 billion RMB, respectively, with net profit projections also lowered to 515 million and 635 million RMB [4].