Aurisco(SH:605116) KAIYUAN SECURITIES·2024-08-29 07:10Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved rapid growth in the first half of 2024, with revenue reaching 731 million yuan, a year-on-year increase of 32.21%, and a net profit attributable to shareholders of 189 million yuan, up 96.66% [4] - The rapid expansion of the formulation business is highlighted, with the company’s Dydrogesterone tablets being listed in 30 provinces and hospitals, generating revenue of 92 million yuan in the first half of 2024 [5] - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 427 million yuan, 583 million yuan, and 766 million yuan respectively, with current price-to-earnings ratios of 21.2, 15.6, and 11.8 times [4] Financial Performance Summary - In the first half of 2024, the company reported a gross margin of 57.02%, an increase of 7.23 percentage points, and a net margin of 25.81%, up 8.29 percentage points [4] - The company’s R&D expenses increased by 17.04% year-on-year to 65 million yuan in the first half of 2024, indicating a strong commitment to innovation [6] - The sales expense ratio rose to 9.44%, reflecting increased marketing efforts to support the growing product portfolio [6] Revenue and Profit Forecast - The company’s revenue is projected to grow from 1,657 million yuan in 2024 to 2,710 million yuan in 2026, with a compound annual growth rate of approximately 24.1% [7] - The net profit attributable to shareholders is expected to increase from 427 million yuan in 2024 to 766 million yuan in 2026, with a significant year-on-year growth rate of 47.6% in 2024 [7] Valuation Metrics - The current market capitalization of the company is approximately 9.066 billion yuan, with a circulating market value of 8.826 billion yuan [3] - The stock price is currently at 22.32 yuan, with a 52-week high of 26.99 yuan and a low of 17.33 yuan [3]