Sun-Novo(SH:688621) KAIYUAN SECURITIES·2024-09-02 11:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown robust performance in the first half of 2024, with a revenue of 563 million yuan, representing a year-on-year growth of 22.08%, and a net profit attributable to shareholders of 149 million yuan, up 25.91% year-on-year [4] - The company is expected to maintain strong growth due to abundant orders and rapid development in clinical services, with projected net profits for 2024-2026 at 274 million, 363 million, and 472 million yuan respectively [4] Financial Performance Summary - In H1 2024, the company achieved a revenue of 563 million yuan, a 22.08% increase year-on-year; net profit attributable to shareholders was 149 million yuan, a 25.91% increase year-on-year; and non-recurring net profit was 143 million yuan, up 24.49% year-on-year [4] - For Q2 2024, the company reported a revenue of 311 million yuan, a 35.86% increase year-on-year and a 23.12% increase quarter-on-quarter; net profit attributable to shareholders was 75.82 million yuan, an 8.22% increase year-on-year and a 4.21% increase quarter-on-quarter [4] - The company’s revenue from the pharmaceutical research business in H1 2024 was 343 million yuan, an 8.29% increase year-on-year [5] - The clinical trial and bioanalysis services generated revenue of 217 million yuan in H1 2024, reflecting a 50.28% year-on-year growth [6] Project and Development Highlights - As of June 2024, the company has initiated 117 new self-research projects, with a total of over 450 projects; 8 new drug projects have entered clinical trials, and 70 drug applications have been accepted for market registration [5] - The company is focusing on the development of peptide and small nucleic acid drugs, with ongoing clinical trials for "STC007 injection" and "STC008 injection" [5] Financial Forecasts - The company’s projected revenues for 2024-2026 are 1.198 billion, 1.546 billion, and 2.008 billion yuan respectively, with year-on-year growth rates of 28.5%, 29.1%, and 29.8% [7] - The projected net profits for the same period are 274 million, 363 million, and 472 million yuan, with year-on-year growth rates of 48.2%, 32.6%, and 30.0% [7] - The company’s earnings per share (EPS) are expected to be 2.44, 3.24, and 4.21 yuan for 2024, 2025, and 2026 respectively [7]