安科生物：业绩整体稳定，研发创新持续深入

Investment Rating - The report maintains a "Buy" rating for the company [1][2]. Core Viewpoints - The company achieved a revenue of 1.299 billion RMB in the first half of 2024, representing a year-on-year growth of 0.90%. The net profit attributable to shareholders was 416 million RMB, up 4.99% year-on-year [1]. - The traditional Chinese medicine segment saw significant growth, with revenue reaching 199 million RMB, a year-on-year increase of 20.17% [1]. - The company is focusing on enhancing its core competitiveness through strategic goals, innovation, and management improvements [1]. - The company has made advancements in cutting-edge technologies, including collaborations in the ADC platform and mRNA vaccine development [1]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of 1.073 billion RMB, with a growth rate of 27% [2]. - The earnings per share (EPS) for 2024-2026 are forecasted to be 0.64, 0.81, and 1.01 RMB, respectively, with corresponding price-to-earnings (P/E) ratios of 12, 10, and 8 times [2]. - The company’s revenue is expected to grow from 3.610 billion RMB in 2024 to 5.379 billion RMB in 2026, with growth rates of 25.99% and 21.65% respectively [5].