Shanghai RAAS(002252) China Post Securities·2024-08-31 13:40Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [8]. Core Views - The company has shown a good recovery in growth during Q2 2024, with a 19.51% increase in revenue compared to the previous quarter, reaching 2.196 billion yuan [5]. - The revenue for H1 2024 was 4.252 billion yuan, reflecting a 9.02% year-on-year growth, while the net profit attributable to the parent company was 1.241 billion yuan, a slight increase of 0.15% [5]. - The company is expected to maintain a strong market position, especially with the support from its new controlling shareholder, Haier Group [7]. Financial Performance - H1 2024 gross margin was 40.88%, a decrease of 1.74 percentage points, primarily due to an increase in the proportion of agency business revenue [7]. - The company’s operating cash flow for H1 2024 was -47.55 million yuan, mainly due to early payments for imported albumin [6]. - The projected net profits for 2024-2026 are 2.294 billion yuan, 2.646 billion yuan, and 3.082 billion yuan respectively, with corresponding EPS of 0.35 yuan, 0.40 yuan, and 0.46 yuan [8][9]. Business Segments - The imported albumin business generated 1.955 billion yuan in revenue for H1 2024, a growth of 18.87%, accounting for 45.97% of total revenue [6]. - The self-produced blood products segment achieved 2.246 billion yuan in revenue, with a 2.09% increase, representing 52.82% of total revenue [6]. - The company is advancing its R&D efforts, with a focus on a monoclonal antibody for hemophilia that has recently entered clinical trials [7].