兴齐眼药：2024H1业绩快速增长，低浓度阿托品具备大单品潜力

Investment Rating - The report maintains a "Buy-A" investment rating for the company [5][6]. Core Views - The company achieved rapid growth in H1 2024, with revenue reaching 892 million yuan, a year-on-year increase of 30.10%, and a net profit of 169 million yuan, up 92.95% year-on-year [2][3]. - The core product, 0.01% atropine sulfate eye drops, has been approved and is expected to see sustained sales growth due to a large potential market among children with myopia [4][5]. - The company is actively conducting clinical trials for 0.02% and 0.04% atropine sulfate eye drops, which will help meet the treatment needs of patients with varying degrees of myopia [4]. Financial Summary - For H1 2024, the revenue breakdown includes gel/eye ointment at 176 million yuan (-0.58%), eye drops at 512 million yuan (+62.97%), and medical services at 164 million yuan (+5.44%) [3]. - The projected net profits for 2024 to 2026 are estimated at 500 million yuan, 644 million yuan, and 760 million yuan respectively, with an expected EPS of 2.86 yuan per share for 2024 [5][9]. - The company's total market capitalization is approximately 17.44 billion yuan, with a circulating market value of about 13.40 billion yuan [6]. Price Target - The report sets a 6-month target price of 114.40 yuan per share, based on a 40x PE ratio [5][6].