CCHT(000661) 广发证券·2024-08-20 01:40Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 142.27 CNY per share, compared to the current price of 84.19 CNY [4]. Core Insights - The company reported its 2024 mid-year results, showing a revenue of 6.639 billion CNY (+7.63% year-on-year) and a net profit attributable to shareholders of 1.720 billion CNY (-20.40% year-on-year) [2]. - The growth hormone segment continues to show stable growth, but increased investment during the transformation period has pressured profit margins [2]. - The company is increasing its R&D investment, which reached 1.138 billion CNY (+10.18% year-on-year) in the first half of 2024, indicating a deepening product layout [2]. Financial Summary - For the first half of 2024, the company achieved revenues of 5.152 billion CNY (+0.25% year-on-year) from Jinsai Pharmaceutical, with a net profit of 1.769 billion CNY (-19.49% year-on-year) [2]. - The gross profit margin decreased by 4.13 percentage points to 84.62%, with net profit margin dropping by 8.74 percentage points to 35.42% [2]. - The company forecasts EPS for 2024, 2025, and 2026 to be 10.16 CNY, 11.06 CNY, and 12.43 CNY respectively, with a projected PE ratio of 14 times for 2024 [2][3].