GYBYS(600332) 长城证券·2024-09-05 12:41Investment Rating - The report maintains a rating of "Accumulate" for the company [1][2] Core Views - The company reported a revenue of 41.04 billion RMB for H1 2024, a year-on-year increase of 2.7%, while the net profit attributable to shareholders was 2.55 billion RMB, a decrease of 9.3% [1][2] - The company plans to distribute a cash dividend of 0.40 RMB per share, totaling 650 million RMB, which accounts for 25.51% of the net profit for H1 2024 [2] - The company is focusing on a major brand strategy, with four business segments forming a complete industrial chain, enhancing brand value from pharmaceuticals to health products [2] Financial Summary - Revenue (in million RMB): - 2022A: 70,788 - 2023A: 75,515 - 2024E: 79,410 - 2025E: 83,117 - 2026E: 86,410 [1][5] - Net Profit (in million RMB): - 2022A: 3,967 - 2023A: 4,056 - 2024E: 4,245 - 2025E: 4,499 - 2026E: 4,739 [1][5] - EPS (in RMB): - 2022A: 2.44 - 2023A: 2.49 - 2024E: 2.61 - 2025E: 2.77 - 2026E: 2.92 [1][5] Business Segment Performance - Revenue by segment for H1 2024: - Traditional Chinese Medicine: 4.06 billion RMB, +8.2% YoY - Chemical Medicine: 2.12 billion RMB, -17.1% YoY - Health Products: 6.54 billion RMB, -7.2% YoY - Commercial Business: 27.82 billion RMB, +6.1% YoY [2] Profitability Metrics - Gross Margin for H1 2024: 19%, down 1.8 percentage points YoY [2] - Net Margin for H1 2024: 6.5%, down 0.8 percentage points YoY [2] - ROE (Return on Equity) projections: - 2024E: 11.3% - 2025E: 11.0% - 2026E: 10.6% [1][6]