华润双鹤：大输液和专科业务等稳步增长，推动公司稳健经营

Investment Rating - The report assigns a Buy-A rating to Huaren Shuanghe (600062 SH) with a 6-month target price of CNY 24 90 [5][6] Core Views - Huaren Shuanghe achieved steady growth in H1 2024 with revenue of CNY 5 929 billion (+1 46% YoY) and net profit of CNY 1 047 billion (+6 28% YoY) driven by stable development in its infusion and specialty drug businesses [1][2] - The company is expected to see continued growth with projected net profits of CNY 1 723 billion (+29 3% YoY) in 2024 CNY 1 899 billion (+10 2% YoY) in 2025 and CNY 2 038 billion (+7 4% YoY) in 2026 [5] Business Performance Infusion Business - The infusion business generated revenue of CNY 1 717 billion in H1 2024 up 2 88% YoY with basic infusion products growing 9% YoY [3] - The company is expanding its therapeutic and nutritional infusion products such as propofol medium/long-chain fat emulsion injection and levofloxacin sodium chloride injection which are expected to contribute to stable growth [3] Specialty Drug Business - The specialty drug business achieved revenue of CNY 1 367 billion in H1 2024 up 10 72% YoY [4] - Key products such as pregabalin teniposide busulfan and the Yuting series showed strong growth with revenue increases of 45% 73% 100% and 33% respectively [4] - Growth was driven by strong performance in nephrology (+14% YoY) oncology (+75% YoY) and women's health (+12% YoY) segments [4] Financial Projections - Revenue is expected to grow from CNY 11 478 billion in 2024 to CNY 12 559 billion in 2026 with a CAGR of 4 6% [8] - Net profit margin is projected to increase from 15 0% in 2024 to 16 2% in 2026 [8] - ROE is forecasted to rise from 14 1% in 2024 to 13 8% in 2026 [8] Valuation Metrics - The company's PE ratio is expected to decline from 11 2x in 2024 to 9 4x in 2026 indicating improving valuation attractiveness [8] - The PB ratio is projected to decrease from 1 6x in 2024 to 1 3x in 2026 [8] - Dividend yield is forecasted to remain stable at around 3 7% from 2024 to 2026 [8]