Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company reported a revenue of 1.269 billion yuan for H1 2024, representing a growth of 13.30%, and a net profit attributable to shareholders of 400 million yuan, up by 14.91% [3]. - The gross margin remained stable at 74.69%, while the net profit margin increased to 31.51%, reflecting solid profitability [3]. - The company has implemented significant measures to optimize its operations, including enhancing clinical research capabilities and reforming its OTC marketing structure, which contributed to its revenue growth [4]. Financial Performance - For H1 2024, the company achieved a revenue of 1.269 billion yuan, with a year-on-year growth of 13.30% [3]. - The net profit attributable to shareholders was 400 million yuan, marking a 14.91% increase [3]. - The company’s cash flow from operating activities was 350 million yuan, up by 37.9%, indicating strong cash generation [3]. Segment Performance - The company's main segment, 康臣, generated 1.108 billion yuan in revenue, growing by 14%, while the 玉林 segment reported 160 million yuan, up by 10% [3]. - In terms of product performance, the renal segment saw revenue of 883 million yuan, an increase of 11.14%, while the pediatric segment grew by 28.68% to 146 million yuan [3]. Future Outlook - The company expects to continue its growth trajectory in the second half of 2024, supported by its strategic initiatives and operational improvements [4]. - Revenue projections for 2024-2026 are estimated at 2.901 billion yuan, 3.272 billion yuan, and 3.694 billion yuan, respectively, with corresponding net profits of 893 million yuan, 1.022 billion yuan, and 1.171 billion yuan [5].
康臣药业：收入增长稳健，盈利能力向上，派发中期股息