Bide Pharmatech (688073) 华创证券·2024-09-02 08:45Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 45 yuan, compared to the current price of 30.10 yuan [1][2]. Core Insights - The company reported a revenue of 532 million yuan for the first half of 2024, representing a year-on-year growth of 1.83%. However, the net profit attributable to shareholders decreased by 38.15% to 52 million yuan [1][2]. - The overseas revenue continues to grow significantly, accounting for 56.24% of total revenue, with a year-on-year increase of 12.68% [2]. - The company's gross margin is stabilizing, with a quarter-on-quarter increase of 1.22 percentage points in Q2 2024 compared to Q1 2024 [2]. - The company is enhancing its management efficiency, with significant improvements in sales, management, and R&D expenses, which collectively increased by 47% [2]. - Future profit projections for 2024-2026 are 135 million, 176 million, and 241 million yuan respectively, with expected growth rates of 22.8%, 31.1%, and 36.7% [2]. Financial Summary - Total revenue for 2023 is projected at 1,092 million yuan, with expected growth rates of 30.9% for 2023, 8.1% for 2024, 16.9% for 2025, and 20.3% for 2026 [3]. - The net profit attributable to shareholders is forecasted to be 110 million yuan for 2023, with a decline of 24.9%, followed by growth rates of 22.8%, 31.1%, and 36.7% for the subsequent years [3]. - Earnings per share (EPS) are expected to be 1.21 yuan for 2023, increasing to 1.48 yuan in 2024, 1.94 yuan in 2025, and 2.65 yuan in 2026 [3].