Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company reported a revenue of 525 million yuan for the first half of 2024, representing a year-on-year growth of 23.88%. The net profit attributable to the parent company was 134 million yuan, up 12.35% year-on-year, while the net profit excluding non-recurring items was 123 million yuan, reflecting a growth of 3.13% [3][4]. - Profitability was impacted by increased depreciation and amortization, higher R&D expenditures, and a decrease in income from equity sharing. The gross margin for the first half of 2024 was 68.75%, an increase of 2.2 percentage points year-on-year, while the net profit margin was 25.56%, a decrease of 2.6 percentage points year-on-year [4]. - The company achieved significant growth in the transformation of self-developed technology results, with revenue from this segment reaching 290 million yuan, a 52.4% increase. However, the revenue from entrusted R&D services showed some volatility [4]. Financial Performance Summary - The company’s R&D expenses for the first half of 2024 were 149 million yuan, a 61.94% increase. The depreciation expense for the same period was 67.69 million yuan, compared to 34.53 million yuan in the previous year. Income from equity sharing was 4.55 million yuan, significantly lower than 16.61 million yuan in the same period last year [4]. - As of the end of the first half of 2024, the company had 89 R&D projects with sales equity sharing, of which 19 projects had been approved. The company expects new approved products to contribute more to equity sharing income in the future [4]. - The company has established a comprehensive service platform for customized R&D and production, achieving a revenue of 62.02 million yuan from this segment in the first half of 2024, with an external customer order revenue of 5.12 million yuan and a gross margin of 56.43% [4]. Future Profit Forecast - The company is expected to achieve net profits attributable to the parent company of 300 million yuan, 361 million yuan, and 425 million yuan for the years 2024, 2025, and 2026, respectively. The current stock price corresponds to valuation multiples of 14, 12, and 10 times for these years [4].
百诚医药：2024年中报点评：自主成果转化高贡献，受托服务有所波动