赛恩斯：2024年中报点评：收入结构改善，毛利率上行

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company achieved a revenue of 356 million yuan in the first half of 2024, representing a year-on-year growth of 32.68%, and a net profit attributable to shareholders of 115 million yuan, up 216.75% year-on-year [2][3] - The improvement in revenue structure and the increase in gross margin are driven by a higher proportion of product sales and operational service income [2][3] - The acquisition of Zijin Reagent in February 2024 contributed 59.29 million yuan in investment income, enhancing the company's product sales [2][3] Summary by Sections Financial Performance - Total revenue for 2024 is projected to reach 1,154.25 million yuan, with a year-on-year growth of 42.78% [1] - The net profit attributable to shareholders is expected to be 202.13 million yuan in 2024, reflecting a significant increase of 123.78% year-on-year [1] - The company’s EPS is forecasted to be 2.12 yuan per share in 2024, with a P/E ratio of 11.44 [1] Revenue Breakdown - The revenue from operational services increased by 54.1% year-on-year, accounting for 36.88% of total revenue [2] - Product sales, including reagent products and copper extraction agents, saw a substantial increase of 109.8% year-on-year, making up 32.88% of total revenue [2] - The comprehensive solution for heavy metal pollution prevention generated 105 million yuan in revenue, down 15.8% year-on-year, indicating a need for further transformation into product sales and operational services [2] Strategic Developments - The company is deepening its collaboration with Zijin Mining, with related revenue in the first half of 2024 reaching 83 million yuan, a 14.1% increase year-on-year [2] - The implementation of an equity incentive plan aims to motivate core personnel and attract talent, with revenue targets set at 1.1 billion yuan and 1.5 billion yuan for 2024 and 2025, respectively [3]