花园生物2024年中报点评：VD3价格反弹，下半年业绩有望改善

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.40 CNY, based on a 20x P/E ratio for 2024 [3][4]. Core Views - The company's performance in the first half of 2024 was under pressure, with revenue of 600 million CNY (down 8.61% year-on-year) and a net profit of 142 million CNY (up 21.25 year-on-year) [2]. - The rebound in VD3 prices is expected to improve the company's performance in the second half of 2024, with prices rising from 56.5 CNY/kg in April to 251.25 CNY/kg in August [2]. - The company's "vertical and horizontal" strategy is progressing, with ongoing development in VD3 downstream applications and expansion into other vitamin products, which is expected to contribute to revenue growth [2]. Financial Summary - The company reported a revenue of 1.375 billion CNY for 2024E, with a projected growth of 25.6% year-on-year [5]. - The net profit attributable to the parent company is forecasted to be 361 million CNY for 2024E, reflecting an 87.5% increase year-on-year [5]. - Earnings per share are projected to be 0.67 CNY for 2024, increasing to 1.03 CNY by 2026 [3][5].