赛恩斯：2024H1扣非归母净利润同比增速65%，毛利率结构持续改善2024H1业绩点评

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][7]. Core Insights - The company reported a revenue of 356 million yuan for H1 2024, representing a year-on-year growth of 32.68%. The net profit attributable to the parent company reached 115 million yuan, a significant increase of 216.75%. The net profit after deducting non-recurring gains and losses was 54.09 million yuan, up by 64.97% year-on-year. The overall gross margin improved to 37.09%, an increase of 3.74 percentage points compared to H1 2023 [1][3]. Financial Performance Summary - Revenue Breakdown: - Comprehensive solutions: 105 million yuan, down 15.78% year-on-year - Product sales: 117 million yuan, up 109.77% year-on-year - Operational services: 131 million yuan, up 54.08% year-on-year [3]. - Gross Margin Analysis: - Comprehensive solutions: 30.58%, up 7.87 percentage points - Product sales: 45.03%, down 0.27 percentage points - Operational services: 34.73%, up 1.95 percentage points [3]. - Investment Income: - The company achieved investment income of 61.72 million yuan, primarily from the acquisition of Fujian Zijin Reagent Co., which contributed 59.29 million yuan in investment income due to fair value remeasurement [1][3]. Future Earnings Forecast - Projected revenues for 2024-2026 are estimated at 1.192 billion yuan, 1.545 billion yuan, and 1.776 billion yuan, respectively, with corresponding net profits of 212 million yuan, 228 million yuan, and 290 million yuan. The expected growth rates for net profit are 135%, 7%, and 27% for the respective years [5][7]. - The company maintains a competitive advantage and is expected to achieve high growth in performance, justifying the "Buy" rating [4][5].