凯莱英：业务发展稳健，新签订单持续增长

Investment Rating - The report initiates coverage with a "Buy" rating for the company [9] Core Views - The company has shown steady business development with continuous growth in new orders, despite a significant decline in net profit due to the impact of large orders [5][6] - The small molecule CDMO business remains robust, with emerging services continuing to progress, indicating a strong order backlog and future growth potential [6][8] - The company has successfully expanded its overseas operations and new business capacities, enhancing its market presence [8] Summary by Sections Company Overview - Latest closing price is 63.67 yuan, with a total market capitalization of 234 billion yuan and a circulating market capitalization of 209 billion yuan [1] - The company has a low debt ratio of 11.4% and a price-to-earnings ratio of 10.17 [1] Financial Performance - For the first half of 2024, the company reported revenue of 2.697 billion yuan, a year-on-year increase of 41.63%, while net profit attributable to shareholders decreased by 70.40% to 499 million yuan [5] - The small molecule CDMO business generated revenue of 2.195 billion yuan, showing a decline of 46.28%, but a slight increase of 2.49% when excluding large orders [6] Profitability and Cost Management - The gross margin for the first half of 2024 was 42.15%, down 10.91 percentage points year-on-year, with effective control over expense ratios [7] - The company maintained a sales expense ratio of 3.80% and a management expense ratio of 13.42% for the first half of 2024 [7] Order Growth and Capacity Expansion - The company added 114 new clients in the first half of 2024, with new orders increasing by over 20% year-on-year, particularly from the European and American markets [8] - The company has established a new R&D and pilot base in the UK, enhancing its operational capabilities in Europe [8] Earnings Forecast - The company is projected to achieve net profits of 1.214 billion yuan, 1.566 billion yuan, and 2.067 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 3.30, 4.26, and 5.62 yuan [9]