同和药业：产能释放，新产品有望快速放量

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has released new products that are expected to ramp up quickly, with significant capacity expansion from the completion of the first phase of the second factory [2][3] - In the first half of 2024, the company achieved revenue of 382 million yuan, a year-on-year increase of 0.08%, and a net profit attributable to the parent company of 70 million yuan, up 21.96% year-on-year [2] - The overseas revenue for the first half of 2024 was 327 million yuan, a year-on-year increase of 13.39%, while domestic sales decreased by 40.83% to 55 million yuan due to price declines and reduced exports from trading companies [3] Financial Summary - The company is projected to achieve revenues of 911 million yuan, 1.135 billion yuan, and 1.385 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 26.2%, 24.5%, and 22.0% [3][6] - The net profit attributable to the parent company is expected to be 164 million yuan, 223 million yuan, and 285 million yuan for the same years, with growth rates of 55.1%, 35.7%, and 27.9% respectively [3][6] - The gross margin is projected to improve from 38.2% in 2024 to 40.1% in 2026 [6][9] - The company’s P/E ratio is expected to decrease from 19x in 2024 to 11x in 2026, indicating a potentially attractive valuation [3][6]