CR Sanjiu(SZ:000999) Xinda Securities·2024-09-01 06:30Investment Rating - The report maintains an "Accumulate" investment rating for the company [2][3]. Core Views - The company achieved a revenue of 14.106 billion yuan in H1 2024, representing a year-on-year growth of 7.3%, with a net profit attributable to shareholders of 2.398 billion yuan, up 27.77% year-on-year [2]. - The CHC (Consumer Health Care) business grew by 14%, with a significant increase in net profit margin driven by improved gross margin and reduced expense ratio [2]. - The report forecasts revenue for 2024-2026 to be 27.241 billion yuan, 30.561 billion yuan, and 34.335 billion yuan, with year-on-year growth rates of approximately 10%, 12.2%, and 12.3% respectively [2][4]. Financial Performance Summary - In H1 2024, the company reported a net profit margin of 18.27%, an increase of 2.6 percentage points compared to the previous year [2]. - The gross margin for H1 2024 was 53.56%, with a year-on-year increase of 1.34 percentage points, primarily due to a 5.9 percentage point increase in the gross margin of the CHC business [2]. - The report projects the company's net profit for 2024 to be 3.437 billion yuan, with a year-on-year growth of 20.5% [4]. Business Segment Performance - The CHC business revenue reached 7.773 billion yuan in H1 2024, reflecting a 14% year-on-year increase, while prescription drug revenue declined by 13% [2]. - The company has seen strong performance in respiratory and dermatological products, while the prescription drug segment faced short-term pressure due to external factors [2]. - The company invested 392 million yuan in R&D in H1 2024, a year-on-year increase of 7.29%, with several new products receiving regulatory approval [2].