TRT(600085) 国联证券·2024-09-03 01:00Investment Rating - The investment rating for Tong Ren Tang (600085) is not explicitly stated in the report, but it suggests continuous attention due to its position as a leader in non-prescription traditional Chinese medicine [4][7]. Core Insights - The company reported a stable performance in H1 2024, with revenue reaching 9.763 billion yuan, a slight increase of 0.02% year-on-year, and a net profit attributable to shareholders of 1.021 billion yuan, up 3.49% year-on-year [6][7]. - The pharmaceutical manufacturing and commercial segments both showed slight growth, with the pharmaceutical manufacturing segment achieving revenue of 6.472 billion yuan, a year-on-year increase of 5.30% [6][7]. - The gross margin decreased to 43.90%, primarily due to rising prices of traditional Chinese medicinal materials, while the company successfully optimized its expense ratios [6][7]. Financial Performance Summary - In H1 2024, the company achieved a revenue of 9.763 billion yuan, with a net profit of 1.021 billion yuan and a non-recurring net profit of 0.992 billion yuan [6]. - For Q2 2024, revenue was 4.496 billion yuan, a decrease of 2.64% year-on-year, with a net profit of 0.445 billion yuan, down 3.90% year-on-year [6]. - The pharmaceutical manufacturing segment's revenue was 6.472 billion yuan, with a gross margin of 41.39%, while the commercial segment's revenue was 6.030 billion yuan, with a gross margin of 26.67% [6]. Future Earnings Forecast - The company is expected to achieve revenues of 20.770 billion yuan, 23.753 billion yuan, and 27.107 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 16.29%, 14.36%, and 14.12% [7][8]. - The net profit attributable to shareholders is projected to be 1.902 billion yuan, 2.255 billion yuan, and 2.639 billion yuan for the same years, with growth rates of 13.98%, 18.57%, and 17.01% respectively [7][8].