Investment Rating - The investment rating for 康臣药业 (1681.HK) is not explicitly stated in the report, but the commentary suggests a positive outlook with expectations of strong growth and dividend yield [1]. Core Views - The report highlights that 康臣药业 achieved a revenue of 1.269 billion yuan in H1 2024, representing a year-on-year increase of 13.3%, and a net profit of 400 million yuan, up 14.91% year-on-year [1]. - The company declared an interim dividend of 0.3 HKD per share, with a projected dividend yield exceeding 10% for 2024 [1]. - The report emphasizes the robust growth of the kidney series products and notable performance in the women's and children's series, with the kidney series generating 883 million yuan in revenue, a year-on-year increase of 11.2% [1]. Summary by Sections Financial Performance - In H1 2024, 康臣药业's operating income was 1.269 billion yuan, with a net profit of 400 million yuan and operating cash flow of 350 million yuan, reflecting a year-on-year increase of 37.8% [1]. - The net profit margin improved slightly, reaching 31.61%, primarily due to a decrease in the expense ratio by approximately 1.05 percentage points [1]. - The company’s gross margin slightly decreased to 74.69%, with the kidney series maintaining a gross margin of 76.99% [1]. Revenue Breakdown - The revenue from the kidney series was 883 million yuan, while the women's and children's series generated 146 million yuan, marking a year-on-year increase of 28.7% [1]. - The medical imaging contrast agent revenue was approximately 78 million yuan, up 21% year-on-year, maintaining a leading position in the domestic market [1]. - The report also notes a significant increase in the sales of bone injury products, which reached 99 million yuan, a year-on-year increase of 129.7% [1]. Future Projections - The report forecasts 康臣药业's revenue for 2024-2026 to be 2.92 billion yuan, 3.287 billion yuan, and 3.684 billion yuan, with year-on-year growth rates of approximately 13%, 13%, and 12% respectively [2]. - The projected net profit for the same period is expected to be 901 million yuan, 1.03 billion yuan, and 1.18 billion yuan, with growth rates of 15%, 14%, and 15% respectively [2]. - The report indicates that the price-to-earnings ratio (P/E) for 2024-2026 will be 5.2x, 4.55x, and 3.97x, suggesting a favorable valuation [2].
康臣药业：24H1归母净利润增长约15%，24年股息率有望超10%