JINGXIN(SZ:002020) Tai Ping Yang·2024-08-19 02:01Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [5][6]. Core Views - The company reported Q2 earnings that exceeded expectations, driven by strong growth in the external sales of finished pharmaceuticals and government subsidies [1][2]. - For H1 2024, the company achieved a revenue of 2.15 billion yuan, a year-on-year increase of 11.02%, with a net profit attributable to shareholders of 402 million yuan, up 27.28% year-on-year [1][2]. - The report highlights that the gross margin improved to 51.57%, an increase of 1.06 percentage points, and the net profit margin rose to 18.88%, an increase of 2.44 percentage points, primarily due to reduced sales expenses [1][2]. Financial Summary - The company forecasts revenues of 4.46 billion yuan, 4.91 billion yuan, and 5.35 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 11.54%, 10.12%, and 8.99% [2][4]. - The net profit attributable to shareholders is projected to be 698 million yuan, 788 million yuan, and 920 million yuan for the same years, reflecting growth rates of 12.71%, 12.89%, and 16.83% [2][4]. - The report indicates a decrease in the sales expense ratio to 17.85%, down 2.72 percentage points, while R&D and management expense ratios saw slight increases [1][2].