HAOHAI BIOTEC(SH:688366) Huafu Securities·2024-08-20 05:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [10]. Core Views - The company has demonstrated stable revenue growth, with a significant increase in the medical aesthetics segment, which accounted for a growing share of total revenue. In the first half of 2024, the company achieved revenue of 1.404 billion yuan, a year-on-year increase of 6.97%, and a net profit attributable to shareholders of 235 million yuan, up 14.64% year-on-year [1]. - The hyaluronic acid product line has gained market recognition, with revenue in the first half of 2024 reaching 417 million yuan, reflecting a substantial year-on-year growth of 51.3%. The company is expanding its product portfolio and enhancing brand loyalty through various marketing strategies [1]. - The company is accelerating the localization process in its ophthalmology product line, despite facing challenges in revenue from certain segments due to policy impacts and market competition. The report highlights the competitive strength of specific products, such as "myOK" and "童享," which have shown significant growth in prescriptions [1]. Financial Summary - The company is projected to achieve revenues of 2.903 billion yuan, 3.392 billion yuan, and 4.042 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 508 million yuan, 638 million yuan, and 779 million yuan for the same years [2][3]. - The earnings per share (EPS) is forecasted to be 2.16 yuan, 2.71 yuan, and 3.31 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 28.6, 22.8, and 18.7 [3][4]. - The company’s financial health is reflected in its asset-liability ratio of 16.38% and a circulating A-share market value of approximately 11.994 billion yuan [4].