昊海生科：玻尿酸增长超预期，眼科布局持续丰富

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company reported a strong performance in H1 2024, with revenue of 1.404 billion yuan, a year-on-year increase of 6.97%, and a net profit of 235 million yuan, up 14.64% year-on-year. The growth was driven by the strong demand for hyaluronic acid products and the continuous expansion of its ophthalmology portfolio [1]. - The newly approved product "Hai Mei Yue Bai" is expected to become a new bestseller, contributing to the growth of the medical aesthetics segment, which saw a revenue increase of 25.72% year-on-year [1]. - The company is facing challenges in its ophthalmology segment due to price reductions from centralized procurement, but it aims to offset these impacts by increasing the proportion of high-end products and optimizing its product mix [1]. Financial Performance Summary - For H1 2024, the company achieved a gross margin of 70.51%, slightly down by 0.53 percentage points year-on-year, primarily due to price declines in artificial lenses and viscoelastic agents. However, the increase in high-margin hyaluronic acid product revenue continues to support overall gross margin improvement [1]. - The company expects revenue for 2024-2026 to be 3.002 billion, 3.459 billion, and 3.929 billion yuan, respectively, with year-on-year growth rates of 13.1%, 15.2%, and 13.6%. Net profit is projected to be 506 million, 622 million, and 749 million yuan, with growth rates of 21.7%, 22.8%, and 20.4% respectively [2][1].