Shanghai RAAS(002252) 中国银河·2024-08-28 12:00Investment Rating - The report maintains a "Recommended" rating for Shanghai Laishi, with a projected market capitalization of 625 billion yuan based on the recent transaction of selling 20% of its shares for 125 billion yuan [2]. Core Views - The company reported a revenue of 4.252 billion yuan for the first half of 2024, a year-on-year increase of 9.02%, while the net profit attributable to shareholders was 1.241 billion yuan, a slight increase of 0.15%. The investment net income saw a significant rise of 69% to 340 million yuan [1][2]. - The revenue growth in Q2 2024 was driven by strong sales of albumin and factor products, despite a decline in the sales of immunoglobulin [1]. - The gross margin slightly decreased due to an increase in the proportion of low-margin products and currency fluctuations, with a gross margin of 41% for H1 2024, down 2 percentage points year-on-year [1]. Financial Performance Summary - For H1 2024, the revenue from imported albumin was 1.955 billion yuan, up 18.87%, accounting for 46% of total revenue, with a gross margin of 17.86%, down 2 percentage points [1]. - The revenue from self-produced albumin was 800 million yuan, up 17.21%, with a gross margin of 46.21%, an increase of 2 percentage points [1]. - The revenue from immunoglobulin decreased by 15.50% to 839 million yuan, while the revenue from other blood products increased by 15.69% to 607 million yuan [1]. - The management expense ratio increased in the short term, while the sales and R&D expense ratios remained stable [1]. - The company forecasts revenues of 8.640 billion yuan, 9.587 billion yuan, and 10.627 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 2.198 billion yuan, 2.527 billion yuan, and 2.914 billion yuan for the same years [3].