Joincare(600380) 华安证券·2024-09-06 04:00Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company faced pressure on performance in the first half of 2024, but its innovative transformation and dual-driven strategy are progressing steadily [1] - The overall revenue for the first half of 2024 was 8.235 billion yuan, a year-on-year decrease of 5.56%, while the net profit attributable to the parent company was 776 million yuan, down 4.78% year-on-year [1] - The company is focusing on academic marketing to enhance market competitiveness and has successfully advanced several innovative drugs and complex formulations [1][2] Financial Performance - In Q2 2024, the company's revenue was 3.895 billion yuan, a year-on-year decrease of 6.39%, with a net profit of 337 million yuan, down 4.55% year-on-year [1] - The overall gross margin for the first half of 2024 was 63.31%, an increase of 0.85 percentage points year-on-year [1] - The company’s operating cash flow net amount was 1.737 billion yuan, a year-on-year increase of 38.19% [1] Business Segments - The prescription drug segment achieved sales revenue of 743 million yuan in the first half of 2024, a year-on-year decrease of 19.49% [1] - The raw materials and intermediates segment reported sales revenue of 1.013 billion yuan, a year-on-year decrease of 4.44% [1] - The health food and OTC segment saw sales revenue of 330 million yuan, a year-on-year increase of 63.74% [1] Future Projections - The company is expected to achieve revenues of 17.26 billion yuan, 19.06 billion yuan, and 21.20 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 3.7%, 10.5%, and 11.2% [3] - The net profit attributable to the parent company is projected to be 1.556 billion yuan, 1.781 billion yuan, and 2.041 billion yuan for the same years, with growth rates of 7.8%, 14.5%, and 14.6% respectively [3]