GemPharmatech (SH:688046) Ping An Securities·2024-08-29 08:31Investment Rating - The report maintains a "Recommended" rating for the company [4][5][10] Core Viewpoints - The company achieved a revenue of 340 million yuan in the first half of 2024, representing a year-on-year growth of 15.05%, while the net profit attributable to the parent company was 76 million yuan, a decrease of 1.59% [2] - The company plans to distribute a dividend of 0.30 yuan per 10 shares (including tax) [2] - The overseas market contributed significantly to growth, with revenue from international operations reaching 62 million yuan, an increase of 44.91%, accounting for 18.26% of total revenue [4][5] Financial Summary - Revenue projections for the upcoming years are as follows: 622 million yuan in 2023, 749 million yuan in 2024, 910 million yuan in 2025, and 1,116 million yuan in 2026, with year-on-year growth rates of 20.5%, 20.4%, 21.5%, and 22.6% respectively [3][9] - Net profit is expected to be 159 million yuan in 2023, 193 million yuan in 2024, 244 million yuan in 2025, and 303 million yuan in 2026, with year-on-year growth rates of -3.5%, 21.3%, 26.5%, and 24.2% respectively [3][9] - The gross margin for the first half of 2024 was 64.52%, a decrease of 3.97 percentage points due to competitive pricing adjustments [5] Growth Drivers - The company’s core revenue drivers include commercialized mouse models, which generated 200 million yuan in revenue, and customized breeding services, which brought in 43 million yuan [4] - The establishment of the first overseas facility in the United States is expected to enhance responsiveness and reliability in the supply chain, further accelerating market sales [5]