川宁生物：2024年半年报点评：中间体龙头格局再优化，公司业绩延续高增长之势

Investment Rating - The report maintains a "Recommended" rating for the company [2][3] Core Views - The company achieved a revenue of 3.2 billion yuan in H1 2024, representing a year-on-year growth of 32.2%, and a net profit of 770 million yuan, up 96.1% year-on-year [2] - The antibiotic intermediate sector is experiencing a competitive landscape optimization, with product prices expected to remain high due to increasing demand and limited supply [2] - The company is expanding its synthetic biology capabilities, with several products in various stages of development, which could become a significant growth driver [2] Financial Forecasts - Revenue projections for 2024-2026 are 6.07 billion, 6.91 billion, and 7.77 billion yuan, with year-on-year growth rates of 25.9%, 13.8%, and 12.5% respectively [3][6] - Net profit forecasts for the same period are 1.46 billion, 1.75 billion, and 2.13 billion yuan, with growth rates of 55.2%, 20.0%, and 21.8% respectively [3][6] - The projected PE ratios for 2024-2026 are 17, 14, and 11 [3][6]