xinbang phar.(SZ:002390) Donghai Securities·2024-09-06 01:30Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's overall performance is stable, with rapid growth in traditional Chinese medicine slices despite short-term pressure on medical services [6][8] - The company is a leading medical enterprise in Guizhou Province, with a collaborative development across the entire industry chain [6] Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 30.47 billion yuan, a decrease of 6.45% year-on-year, and a net profit attributable to shareholders of 1.15 billion yuan, down 26.37% year-on-year [7] - The gross margin and net margin for H1 2024 were 17.90% and 4.97%, respectively, both showing declines compared to the previous year [7] - The company’s medical circulation segment reported revenue of 2.431 billion yuan, down 10.02% year-on-year, while the medical service segment saw revenue of 806 million yuan, down 12.54% year-on-year [6][8] Business Segments - Medical Circulation: The company is focusing on product potential, monitoring sales to reduce losses, and enhancing cash flow management [6] - Medical Services: The revenue from this segment is under pressure, with efforts to explore specialty departments for revenue generation [8] - Pharmaceutical Manufacturing: The revenue from traditional Chinese medicine slices grew significantly by 32.79% year-on-year, while the revenue from proprietary Chinese medicines remained stable [8] Profit Forecast - The profit forecast for the company has been adjusted downwards, with expected net profits for 2024, 2025, and 2026 being 2.60 billion, 3.03 billion, and 3.47 billion yuan, respectively [6]