HAOHAI BIOTEC(SH:688366) Tebon Securities·2024-08-19 00:30Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company's H1 2024 net profit increased by 14.64%, meeting expectations, with revenue of 1.404 billion yuan (+6.97%) and net profit of 235 million yuan (+14.64%) [1] - The medical beauty business continues to show high growth, with the fourth-generation hyaluronic acid product "Haimi Yuebai" approved, expected to drive sales [1] - The ophthalmology segment experienced a revenue decline due to centralized procurement and price reductions, while the orthopedics segment showed recovery [1] Summary by Sections Financial Performance - For H1 2024, revenue was 1.404 billion yuan, with a net profit of 235 million yuan, and a net profit margin of 16.8%, up 1.1 percentage points year-on-year [1] - The gross margin for H1 2024 was 70.51%, slightly down by 0.5 percentage points, while the net profit margin improved [1][3] Business Segments - Medical beauty revenue reached 634 million yuan (+25.72%), with hyaluronic acid revenue at 417 million yuan (+51.3%) [1] - The ophthalmology segment's revenue was 452 million yuan (-6.02%), with cataract business revenue at 232 million yuan (-10.7%) [1] - Orthopedic revenue was 233 million yuan (+0.42%), with a consistent market position in joint injection products [1] Future Outlook - Revenue projections for 2024-2026 are adjusted to 2.985 billion yuan, 3.392 billion yuan, and 3.816 billion yuan, respectively, with net profits of 495 million yuan, 599 million yuan, and 721 million yuan [1][3] - The company is expected to benefit from the dual drivers of medical beauty and pharmaceuticals, with a projected PE of 28X, 23X, and 19X for the respective years [1]