Investment Rating - The investment rating for the company is "Buy" and the rating has been maintained [3][5]. Core Views - The company reported a revenue of 394 million yuan for the first half of 2024, representing a year-on-year growth of 13.16%. However, the net profit attributable to shareholders was 55 million yuan, down 11.33% year-on-year, primarily due to a significant decrease in government subsidies [3][5]. - The gross margin has shown a quarter-on-quarter recovery, with a gross margin of 26.40% for the first half of the year, which is a decline of 4.01 percentage points compared to 2023 but an increase of 1.07 percentage points from Q1 2024 [3][5]. - New orders have significantly improved quarter-on-quarter, with a new contract amount of 429 million yuan, although this represents a year-on-year decline of 31.89% due to structural and cyclical changes in the biopharmaceutical industry [3][5]. Financial Summary - The company achieved a revenue of 760.04 million yuan in 2023, with projected revenues of 912.05 million yuan in 2024, 1,076.22 million yuan in 2025, and 1,237.65 million yuan in 2026, reflecting growth rates of 29.65%, 20.00%, 18.00%, and 15.00% respectively [5][7]. - The net profit attributable to shareholders is expected to be 134.73 million yuan in 2023, with projections of 138.36 million yuan in 2024, 167.62 million yuan in 2025, and 202.99 million yuan in 2026, indicating growth rates of 86.06%, 2.70%, 21.14%, and 21.10% respectively [5][7]. - The earnings per share (EPS) are projected to be 1.69 yuan in 2023, increasing to 2.26 yuan in 2024, 2.74 yuan in 2025, and 3.32 yuan in 2026 [5][7].
普蕊斯：新签订单环比显著改善，毛利率环比回升