科兴制药：2024年中报点评：利润扭亏为盈，出海商业化平台价值加速兑现

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 760 million yuan in H1 2024, representing a year-on-year increase of 17.1%, with Q2 2024 revenue reaching 399 million yuan, up 22.3% [2] - The company turned a profit in H1 2024, with a net profit of 11.9 million yuan, a 125% increase year-on-year, despite a tax payment impact of 21.3 million yuan [2] - The overseas commercialization platform is accelerating, with significant milestones including the EU GMP certification and market approval for key products [2][3] - The company has successfully introduced 13 products across 70 countries, enhancing its market presence and sales capabilities [2] Financial Forecast and Valuation - Revenue projections for 2024-2026 are 1.48 billion, 1.78 billion, and 2.37 billion yuan respectively, with net profits expected to be 24 million, 141 million, and 233 million yuan [3] - The report highlights the company's strong growth potential due to the clearing of previous business impacts and the rapid progress of overseas commercialization [3]