CAHIC(600195) 财通证券·2024-09-01 03:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue decline of 1.15% year-on-year for H1 2024, with a net profit decrease of 76.65% [2] - Despite the revenue decline, the core business showed resilience with a 1.72% increase in biological products revenue and an 8.34% increase in chemical drug revenue in H1 2024 [2] - The company is expected to achieve revenues of 56.72 billion, 61.51 billion, and 67.14 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 3.81 billion, 4.92 billion, and 6.22 billion yuan [3] Financial Performance - For H1 2024, the company achieved a revenue of 2.479 billion yuan and a net profit of 63 million yuan [2] - The gross margin for H1 2024 decreased by 3.14 percentage points to 17.84%, with a net margin of 2.35% [2] - The company’s R&D expenses for H1 2024 were 57 million yuan, representing a 2.3% R&D expense ratio [3] Future Projections - The company is projected to have a PE ratio of 16.4, 12.7, and 10.1 for the years 2024, 2025, and 2026 respectively [3] - The expected revenue growth rates for the upcoming years are 4.92% for 2024, 8.45% for 2025, and 9.14% for 2026 [4] Business Segments - The company’s vaccine sales for pigs showed manageable pressure, with a year-on-year decline of 13.3% for foot-and-mouth disease vaccine and 15.1% for swine fever vaccine in H1 2024 [2] - The chemical drug segment remains competitive, with a net profit increase of 4.1% for the subsidiary Shengli Biological in H1 2024 [2]