Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 394 million yuan for the first half of 2024, representing a year-on-year growth of 13.16%. However, the net profit attributable to shareholders decreased by 11.33% to 54.92 million yuan, primarily due to a significant decline in government subsidies received during the reporting period. The net profit excluding non-recurring items was 48.39 million yuan, down 2.81% year-on-year [3][4]. - The company experienced a decline in new contracts signed, with a total of 429 million yuan in new contracts (excluding tax) for the first half of 2024, a decrease of 31.89% year-on-year. This decline was attributed to structural and cyclical changes in the biopharmaceutical industry, which affected both supply and demand, alongside intensified competition leading to lower order prices. However, there was a significant recovery in the second quarter, with new contracts increasing by 112.14% compared to the first quarter [3][4]. - The company is recognized as a leading player in the SMO (Site Management Organization) industry in China, known for its high service quality and strong client trust. It has been involved in the launch of over 170 products for various well-known domestic and international pharmaceutical companies. Notable products assisted by the company include the first approved oral GLP-1 drug in China and the world's first GIP/GLP-1 receptor agonist [3][4]. - The company is continuously optimizing its business systems through information technology, enhancing project execution efficiency. By leveraging its extensive project experience and real-time updated databases, the company has significantly reduced the time required to develop clinical trial execution strategies from several months to approximately one week [3][4]. Financial Summary - The company is projected to achieve net profits of 136 million yuan, 165 million yuan, and 199 million yuan for the years 2024, 2025, and 2026, respectively, corresponding to a price-to-earnings (PE) ratio of 14, 12, and 10 times based on the current market value [4].
普蕊斯：2024H1财报点评：行业调整带来波动，Q2环比改善