华润三九2024年中报业绩点评：CHC业务超预期

Investment Rating - The investment rating for the company is "Buy" with a target price of 58.40 CNY, down from the previous forecast of 62.88 CNY [5][10]. Core Views - The company's CHC (Consumer Health Care) business has exceeded expectations, while the prescription drug segment is currently facing multiple external challenges. The company is optimizing cost control, which is expected to enhance profitability. Continuous mergers and acquisitions, along with resource integration in the industry chain, are anticipated to support stable growth in future performance [3][10]. Financial Performance Summary - For the first half of 2024, the company reported a revenue of 14.106 billion CNY, representing a year-on-year increase of 7.3%. Excluding the consolidation of Kunming Pharmaceutical, the revenue was 10.552 billion CNY, up 6.0%. In Q2 alone, the revenue was 6.812 billion CNY, a slight increase of 0.3% [10]. - The net profit attributable to shareholders for the first half of 2024 was 2.398 billion CNY, reflecting a significant increase of 27.8%. In Q2, the net profit was 1.035 billion CNY, up 42.5% [10]. - The CHC segment saw revenue growth of 14.0% to 7.773 billion CNY, driven by increased brand recognition and strong performance in specific product lines [10]. - The gross margin for the CHC segment improved by 5.9 percentage points to 62.87%, attributed to a higher proportion of high-margin respiratory products [10]. Strategic Developments - The company is actively pursuing mergers and acquisitions, including the integration with Kunming Pharmaceutical to enhance its presence in the Sanqi (Panax notoginseng) industry. A new brand, 777, has been launched to represent this segment [10]. - An announcement was made regarding the proposed acquisition of a 28% stake in Tianjin Tasly Pharmaceutical, which, if completed, is expected to strengthen the company's prescription drug segment and enhance its capabilities in traditional Chinese medicine research and innovation [10]. Financial Forecast - The company maintains its earnings per share (EPS) forecasts for 2024-2026 at 2.62 CNY, 2.92 CNY, and 3.17 CNY respectively. The price-to-earnings (PE) ratio for 2025 is projected at 20 times [10][11].