GemPharmatech (SH:688046) KAIYUAN SECURITIES·2024-09-02 06:13Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in Q2 performance, with a significant increase in overseas expansion opportunities that are expected to drive future growth [4] - The company maintains a dual-driven business model of "products + services" and is actively developing new fields such as non-tumor models and wild-type mice, with rapid growth in overseas business [4][5] - The company is optimistic about its long-term development and maintains profit forecasts for 2024-2026, expecting net profits of 204 million, 251 million, and 319 million yuan respectively, with corresponding EPS of 0.50, 0.61, and 0.78 yuan [4] Financial Performance Summary - In H1 2024, the company achieved operating revenue of 340 million yuan, a year-on-year increase of 15.05%, and a net profit attributable to the parent company of 76.34 million yuan, a year-on-year decrease of 1.59% [4] - For Q2 alone, the company reported operating revenue of 183 million yuan, a year-on-year increase of 17.83% and a quarter-on-quarter increase of 16.68% [4] - The company’s net profit for Q2 was 46.86 million yuan, a year-on-year increase of 0.73% and a quarter-on-quarter increase of 58.95% [4] - The company’s revenue is expected to grow steadily, with projected revenues of 761 million, 953 million, and 1.197 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 22.3%, 25.2%, and 25.6% [7] Business Development - The company has proactively expanded its BD team, with nearly 100 members as of June 2024, serving around 2000 clients and adding nearly 400 new clients in H1 2024 [6] - The overseas market has shown significant growth, with revenue reaching 62.14 million yuan in 2023, a year-on-year increase of 44.91% [6] - The company has launched over 200 new high-value mouse strains in H1 2024 and is rapidly advancing its wild-type mouse project [5]