Salubris(SZ:002294) Huaan Securities·2024-08-27 14:05Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a significant recovery in revenue, exceeding expectations, with innovative products gaining traction [1] - The company is actively expanding its product offerings in the cardiovascular field and is making progress in international markets [2] - The financial forecasts for 2024-2026 indicate a steady growth trajectory in both revenue and net profit, driven by new product launches and a recovery in existing product sales [2] Financial Performance Summary - For the first half of 2024, the company reported revenue of 2.043 billion yuan, a year-on-year increase of 21.28%, and a net profit attributable to shareholders of 344 million yuan, up 1.92% year-on-year [1] - The gross profit margin for the reporting period was 71.13%, an increase of 2.19 percentage points year-on-year, while the operating cash flow net amount was 533 million yuan, reflecting a year-on-year increase of 50.81% [1] - The company expects revenues of 4.04 billion yuan in 2024, 4.73 billion yuan in 2025, and 5.40 billion yuan in 2026, with respective year-on-year growth rates of 19.9%, 17.1%, and 14.3% [2] Product Development and Pipeline - The company has multiple products progressing to the registration stage, including innovative drugs for hypertension and chronic heart failure, which are expected to drive future growth [1] - The company is also advancing its international clinical trials for innovative biological drugs, indicating a strategic focus on global market expansion [1][2] Financial Projections - The projected net profit for 2024 is 670 million yuan, with expected growth rates of 15.7%, 18.0%, and 12.7% for the years 2024, 2025, and 2026 respectively [2] - The company's P/E ratios are projected to be 46X in 2024, 39X in 2025, and 35X in 2026, reflecting a positive outlook on valuation [2]