科兴制药：公司简评报告：盈利能力持续改善，海外业务有望加速增长

Group 1 - Investment Rating: "Accumulate" [2] - The company's revenue for the first half of 2024 reached 760 million yuan, an increase of 17.09%, with a net profit attributable to shareholders of 11.88 million yuan, marking a turnaround from loss to profit compared to the same period last year [4][5] - Domestic and overseas businesses both maintained good growth, with overseas sales revenue for the first half of 2024 at 90.1 million yuan, up 32.97% [5] Group 2 - The company expects to see accelerated growth in overseas business, with the introduction of albumin paclitaxel approved for sale in the EU and partnerships established in 47 countries and regions [5] - Profitability continues to improve, with a significant reduction in sales expenses by 12.82% to 335 million yuan and R&D expenses down by 35.39% to 80.33 million yuan [5] - Revenue forecasts for 2024 to 2026 are adjusted to 1.463 billion yuan, 1.848 billion yuan, and 2.220 billion yuan, with corresponding net profits of 46 million yuan, 104 million yuan, and 194 million yuan, reflecting growth rates of 16.2%, 26.3%, and 20.1% respectively [6]