FOSUN INTL(00656) 开源证券·2024-09-01 08:19Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company demonstrates resilient revenue, with a focus on innovation, light asset operations, and globalization driving healthy growth [2] - The financial indicators show increasing stability, with a revenue of 97.8 billion yuan in H1 2024, a year-on-year increase of 0.8%, and an operating profit of 3.47 billion yuan, up 3% year-on-year [2] - The company is strategically focusing on its core capabilities to enhance quality and efficiency in its main industries, maintaining a solid asset base [2] Financial Performance Summary - In H1 2024, the company achieved revenue of 97.8 billion yuan, with a year-on-year growth of 0.8%. The operating profit was 3.47 billion yuan, reflecting a year-on-year increase of 3%. However, the net profit attributable to shareholders was 720 million yuan, down 47% year-on-year [2] - The company has exited contracts worth over 22 billion yuan as of H1 2024, indicating a strategic shift [2] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 2.15 billion, 3.29 billion, and 4.56 billion yuan, with year-on-year growth rates of 55.6%, 53.1%, and 38.8% respectively [2] Segment Performance - The company’s four major segments (Health, Happiness, Wealth, and Intelligent Manufacturing) reported revenues of 23.26 billion, 43.17 billion, 43.17 billion, and 5.33 billion yuan respectively in H1 2024, with year-on-year changes of -2.4%, +5.9%, +0.4%, and -2.4% [2] - The major subsidiaries, including Yuyuan, Fosun Pharma, Fosun Insurance, and Fosun Tourism, generated revenues of 27.57 billion, 20.38 billion, 14.81 billion, and 9.41 billion yuan respectively, with total revenue contribution of 74% [2] - Domestic revenue was 51.93 billion yuan, down 2% year-on-year, while overseas revenue was 45.87 billion yuan, up 4% year-on-year, accounting for 47% of total revenue [2] Innovation and Globalization - The company invested 3.5 billion yuan in R&D in H1 2024, a decrease of 17% year-on-year, while improving research efficiency [2] - Four key innovative products from Fosun Pharma are in the pre-approval or critical clinical stages for nine indications [2] - The company has established a C2M ecosystem with 5.86 million consumer members, contributing 52.3% to sales, and achieved cost reductions of 623 million yuan in the supply chain [2] - The light asset operation model in the tourism sector has shown significant results, with total revenue reaching 9.41 billion yuan in H1 2024, up 6% year-on-year [2]