科拓生物：2024H1业绩点评：加速战略转型，益生菌业务稳健增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 138 million yuan in H1 2024, a year-on-year decrease of 1.34%, while the net profit attributable to shareholders was 43.515 million yuan, an increase of 7.89% year-on-year [1] - The company’s probiotic business showed steady growth, with revenue from this segment increasing by 18% year-on-year, while the revenue from compound additives declined significantly due to pressure on downstream demand [2] - The overall gross margin improved due to product structure upgrades and increased gross margin from probiotic technology services [2] - The company adjusted its revenue expectations for 2024-2026 to 350 million, 440 million, and 560 million yuan respectively, with corresponding net profit expectations of 110 million, 130 million, and 170 million yuan [2] Summary by Sections Financial Performance - In H1 2024, the company achieved total revenue of 138 million yuan, with a net profit of 43.515 million yuan, and a non-recurring net profit of 37.64 million yuan [1] - The revenue for Q2 2024 was 79.03 million yuan, reflecting a year-on-year increase of 16.58%, with net profit reaching 25 million yuan, up 23.26% year-on-year [1] Business Segments - Revenue from compound additives decreased by 56%, while revenue from edible probiotics increased by 18% [2] - The gross margin for the probiotic business improved significantly, reaching 64%, while the gross margin for compound additives fell to 25% [2] Cost and Profitability - The company maintained stable expense ratios, with slight increases in sales and financial expenses, while the net profit margin improved in Q2 2024 [2] - The company’s net profit attributable to shareholders increased by 1.7 percentage points year-on-year, indicating improved profitability [2] Future Projections - The company revised its revenue forecasts for 2024-2026 downwards, now expecting growth rates of 16%, 28%, and 26% respectively [2] - The projected P/E ratios for 2024-2026 are 34, 28, and 22 times respectively [2]