EASTONBIOPHARMACEUTICALS(SH:688513) Soochow Securities·2024-08-19 20:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported H1 2024 revenue of 670 million yuan, a year-on-year increase of 20.6%, and a net profit attributable to shareholders of 146 million yuan, up 11.4% [2] - Q2 2024 revenue reached 355 million yuan, reflecting a 27.8% year-on-year growth, while net profit was 71 million yuan, an increase of 1.34% [2] - The chemical preparation segment saw significant growth, with revenue of 565 million yuan in H1 2024, up 27.8%, and raw materials revenue increased by 36.1% to 57 million yuan [2] - The company is expected to accelerate growth in Q3 2024 due to the clearance of existing product procurement and strong R&D capabilities, with new products gradually being approved and launched [2] Financial Forecasts and Valuation - The company’s revenue projections for 2024-2026 are 1.375 billion yuan, 1.694 billion yuan, and 2.034 billion yuan respectively, with net profit estimates adjusted to 255 million yuan, 321 million yuan, and 400 million yuan [2][9] - The current price-to-earnings (P/E) ratios are projected at 23, 18, and 15 times for 2024, 2025, and 2026 respectively [2][10]