CCHT(000661) 光大证券·2024-08-19 06:03Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a revenue of 6.639 billion yuan for the first half of 2024, representing a year-on-year increase of 7.63%, while the net profit attributable to shareholders decreased by 20.40% to 1.720 billion yuan [2][3]. - The company is increasing its investment in innovation and transformation, with R&D expenses rising to 1.138 billion yuan, accounting for 17.14% of revenue, up 0.40 percentage points year-on-year [3][4]. - The revenue structure is shifting, with an increase in the contribution from overseas and non-pediatric businesses, while management expenses surged by 53.71% due to restructuring and increased operational costs [3][4]. Summary by Sections Financial Performance - For Q1 and Q2 of 2024, the company achieved quarterly revenues of 3.177 billion yuan and 3.461 billion yuan, respectively, with year-on-year growth rates of 14.39% and 2.10% [3]. - The net profit for Q1 and Q2 was 859 million yuan and 861 million yuan, showing a decline of 33.94% in Q2 [3]. Revenue Breakdown - The revenue from Jin Sai Pharmaceutical was 5.152 billion yuan, with a net profit of 1.769 billion yuan, down 19.49% year-on-year [3]. - The company saw significant growth in its real estate segment, with revenue increasing by 372.45% to 456 million yuan and net profit rising by 533.17% to 33 million yuan [3]. R&D and Innovation - The company has made progress in launching new products, including several injections and vaccines, with ongoing clinical trials for long-acting growth hormone products [3][4]. - The R&D investment reflects the company's commitment to innovation, with a focus on expanding its product portfolio and enhancing its market position [3][4]. Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been adjusted downward due to uncertainties in growth hormone procurement policies and increased expenses, with projected net profits of 4.235 billion yuan, 4.630 billion yuan, and 4.943 billion yuan, respectively [4]. - The current price corresponds to a price-to-earnings ratio of 8 for 2024, indicating an attractive valuation given the company's operational quality [4].