SYNERGY(300636) 华创证券·2024-09-04 12:40Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][15]. Core Views - The company's H1 2024 performance met expectations, with revenue of 382 million yuan (+0.08%) and net profit attributable to shareholders of 69.55 million yuan (+21.96%) [1]. - The second quarter showed a revenue increase of 9.06% quarter-on-quarter, driven by a recovery in overseas demand and the end of inventory destocking [2]. - The company is expected to enter a new growth cycle due to the release of new products following patent expirations [2]. Financial Performance Summary - For H1 2024, non-contract custom revenue was 342 million yuan (+7.35%), while contract custom revenue decreased to 40 million yuan (-36.71%) due to contract terminations from clients facing patent expirations [2]. - The company’s overseas sales accounted for 327 million yuan of total revenue, indicating strong international demand [2]. - The company has a growing pipeline of domestic registered products, with two new raw material drug varieties approved in July 2024 [2]. - New production capacity is being established to support the launch of multiple new raw material drug varieties, with the first phase of the second plant already in production [2]. Financial Forecasts - The adjusted net profit forecasts for 2024-2026 are 173 million yuan, 233 million yuan, and 304 million yuan, representing year-on-year growth rates of 62.8%, 35.1%, and 30.3% respectively [2][3]. - The current stock price corresponds to a PE ratio of 18, 13, and 10 for 2024-2026, respectively, with a target price set at 12 yuan based on a 30x PE for 2024 [2][3].