Aurisco(605116) 信达证券·2024-08-29 13:45Investment Rating - The investment rating for the company Aorite (605116) is not explicitly stated in the report, but the analysis suggests a positive outlook based on strong financial performance and growth projections [1]. Core Insights - The company achieved a revenue of 731 million yuan in H1 2024, representing a year-on-year increase of 32.21%. The net profit attributable to the parent company was 189 million yuan, up 96.66% year-on-year [1]. - The gross profit margin for H1 2024 was 57.02%, an increase of 7.23 percentage points, while the net profit margin was 25.81%, up 8.46 percentage points [1]. - The company is focusing on its core business and new ventures, with steady growth in API sales and significant expansion in formulation sales [1]. - The company invested 65.44 million yuan in R&D in H1 2024, a 17.04% increase year-on-year, enhancing its competitive edge [1]. Financial Performance Summary - Revenue projections for 2024-2026 are 1.6 billion, 2.033 billion, and 2.685 billion yuan, with year-on-year growth rates of 26.7%, 27.1%, and 32.0% respectively [2]. - Net profit attributable to the parent company is forecasted to be 389 million, 506 million, and 684 million yuan for the same period, with growth rates of 34.5%, 30.0%, and 35.1% respectively [2]. - The gross margin is expected to improve from 57.5% in 2024 to 61.5% in 2026 [2]. - The return on equity (ROE) is projected to increase from 17.1% in 2024 to 21.5% in 2026 [2]. Operational Highlights - The company has optimized its distributor network and established a professional sales team, leading to accelerated coverage and sales of Dydrogesterone tablets, which generated sales revenue of 92.48 million yuan by June 30, 2024 [1]. - The company has submitted multiple applications for product registrations both domestically and internationally, indicating a robust pipeline for future growth [1].