TRT(600085) 光大证券·2024-09-03 07:09Investment Rating - The report maintains a rating of "Accumulate" for the company [2] Core Views - The company achieved stable growth under a high base, with a mid-term dividend exceeding expectations [2] - The first half of 2024 saw revenue and net profit growth of 0.02% and 3.49% year-on-year, respectively, with operating cash flow significantly declining due to increased raw material costs [2] - The company continues to implement a large product strategy, with the top five products generating revenue of 3.047 billion yuan, accounting for 47.08% of the pharmaceutical industrial revenue [2] Summary by Sections Financial Performance - For the first half of 2024, the company reported revenues of 976.3 million yuan and a net profit of 102.1 million yuan, with a basic EPS of 0.74 yuan [2] - The second quarter of 2024 showed a slight decline in revenue and profit, attributed to challenges faced by Tongrentang Guoyao [2] - The company's gross margin decreased by 2.21 percentage points to 43.90%, while the net profit margin increased by 0.35 percentage points to 10.46% [2] Business Segmentation - The pharmaceutical industry and commercial segments achieved revenues of 647.2 million yuan and 603.0 million yuan, respectively, with year-on-year growth of 5.30% and 8.94% [2] - The parent company's revenue and net profit grew by 20.56% and 13.20% year-on-year, respectively, reflecting the successful implementation of the "Tongrentang Service Year" strategy [2] Cost and Efficiency Management - The company has enhanced cost control measures, resulting in a reduction in sales, management, and R&D expense ratios [2] - The accounts receivable turnover days improved by 1.43 days to 23.21 days, indicating better operational efficiency [2] Profit Forecast and Valuation - The profit forecasts for 2024-2026 have been adjusted downwards to 1.850 billion yuan, 2.082 billion yuan, and 2.395 billion yuan, reflecting a decrease of 6%, 9%, and 11% from previous estimates [2] - The current price corresponds to a PE ratio of 26, 23, and 20 for the respective years, indicating a valuation at historically low levels [2]