Investment Rating - Buy/Maintain rating for Hongbo Pharmaceutical (301230) with a target price of 19.74 [1] Core Views - Revenue growth remains stable, with significant quarter-over-quarter improvement in orders [1] - Q2 2024 revenue increased by 16.15% YoY to 135 million RMB, while net profit attributable to shareholders decreased by 30.11% YoY to 12 million RMB [3] - New orders in the service sector increased by 42.42% QoQ to 165 million RMB, and new orders in the commercial production sector increased by 41.99% QoQ to 91 million RMB [3] - Drug discovery business grew steadily, with revenue increasing by 14.75% YoY to 158 million RMB, while commercial production business revenue surged by 72.31% YoY to 79 million RMB [3] - R&D investment continues to grow, with R&D expenses increasing by 18.33% YoY to 22.82 million RMB in 2023, and the PR-GPT platform is expected to be commercially operational by Q4 2024 [3] Financial Forecasts - Revenue for 2024-2026 is projected to be 592/722/888 million RMB, with YoY growth rates of 20.89%/21.95%/23.07% [3][4] - Net profit attributable to shareholders for 2024-2026 is expected to be 34/50/74 million RMB, with YoY growth rates of -9.45%/45.33%/48.93% [3][4] - PE ratios for 2024-2026 are forecasted at 81/56/37 times [3][4] Business Performance - Drug discovery business achieved a gross margin of 33.17%, down 2.35 percentage points YoY [3] - Process research and development business revenue decreased by 51.47% YoY to 22 million RMB, with a gross margin of 7.28%, down 34.35 percentage points YoY [3] - Commercial production business achieved a gross margin of 3.47%, down 22.55 percentage points YoY [3] R&D and Technology - The company has 675 R&D personnel, accounting for 66.70% of total employees [3] - The CADD/AIDD technology platform has served 69 new drug projects, with 5 in Phase I clinical trials and 2 in the clinical application stage [3] Market Performance - Total market capitalization is 2.755 billion RMB, with a total share capital of 140 million shares [3] - The stock price reached a 12-month high of 54.99 RMB and a low of 19.68 RMB [3]
泓博医药：收入实现稳定增长，订单环比改善明显