Salubris(SZ:002294) AVIC Securities·2024-09-03 15:00Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [5]. Core Views - The company has achieved comprehensive growth in its main business segments, with a reported revenue of 2.043 billion yuan for the first half of 2024, representing a year-on-year increase of 21.28%. The net profit attributable to shareholders reached 344 million yuan, up 1.92% year-on-year [2][3]. - The company is advancing its innovation pipeline, with multiple projects currently in Phase III clinical trials. The R&D investment for the first half of 2024 was 460 million yuan, accounting for 22.51% of revenue [2][3]. - The gross margin has improved, reaching 71.13%, an increase of 2.20 percentage points compared to the previous year. The company has sufficient cash reserves of 938 million yuan, which supports ongoing R&D efforts [2][3]. Summary by Sections Financial Performance - For the first half of 2024, the company's revenue from raw materials was 234 million yuan (up 15.73%), from formulations was 1.631 billion yuan (up 19.54%), and from medical devices was 137 million yuan (up 49.62%). Other revenues amounted to 40 million yuan (up 55.31%) [2]. - The basic earnings per share for the first half of 2024 was 0.31 yuan, reflecting a year-on-year increase of 3.33% [2]. R&D and Innovation - The company has two products approved for market launch and four products under application for approval. The R&D pipeline is progressing well, with ongoing patient recruitment for clinical trials [2][3]. Market Position and Outlook - The company is expected to see continued revenue growth, with projected diluted EPS of 0.56 yuan, 0.64 yuan, and 0.75 yuan for 2024-2026, corresponding to dynamic P/E ratios of 49.51, 43.77, and 37.27, respectively [3].