Yili Chuanning Biotechnology (SZ:301301)2024-08-27 05:27Investment Rating - The report maintains a "Recommended" rating for the company [2]. Core Insights - The company achieved a revenue of 3.195 billion yuan in the first half of 2024, representing a year-on-year growth of 32.20%, and a net profit attributable to shareholders of 766 million yuan, which is a 96.05% increase year-on-year [2]. - The growth in performance is attributed to the increase in both volume and price of core products, driven by downstream demand, with specific products showing significant revenue increases [2]. - The company has successfully reduced costs and improved efficiency, leading to a notable increase in profit margins, with a gross profit margin of 35.31% and a net profit margin of 23.98% in the first half of 2024 [2]. - Continuous innovation in research and development has led to several products entering trial production, indicating a strong pipeline for future growth [2]. Financial Summary - The company forecasts net profits of 1.414 billion yuan, 1.691 billion yuan, and 1.956 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 50.36%, 19.55%, and 15.66% [3]. - Revenue projections for the next three years are 5.780 billion yuan, 6.512 billion yuan, and 7.186 billion yuan, with growth rates of 19.84%, 12.65%, and 10.35% respectively [3]. - The company’s gross margin is expected to improve from 34.64% in 2024 to 37.89% in 2026, reflecting ongoing operational efficiencies [3].