阿拉丁：Q2增长超预期，源叶并表增厚业绩

Investment Rating - The investment rating for the company is "Outperform" [4][5]. Core Insights - The company reported a revenue of 238 million yuan for the first half of 2024, representing a year-on-year growth of 28.59%, and a net profit attributable to the parent company of 47 million yuan, up 52.91% year-on-year. In Q2 alone, revenue reached 140 million yuan, with a significant year-on-year increase of 41.55%, and net profit grew by 120.77% to 30 million yuan, exceeding market expectations [4][5]. - The consolidation of the subsidiary Yuan Ye contributed to the rapid growth in Q2, with Yuan Ye generating 31.68 million yuan in revenue and 5.94 million yuan in net profit for the parent company. Yuan Ye specializes in the research, development, production, and sales of biochemical reagents and has a notable presence in the industry [4][5]. - The company continues to enhance its R&D capabilities, applying for 24 new patents in the first half of 2024, including 3 domestic invention patents and 10 software copyrights. The company was recognized for its innovative contributions by industry associations [5]. - The profit forecast for the company is set at 123 million yuan, 149 million yuan, and 181 million yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 23, 19, and 15 [5][6]. Financial Summary - For the year 2024, the company expects total revenue of 445 million yuan, with a year-on-year growth rate of 10.5%. The net profit is projected to be 123 million yuan, reflecting a growth rate of 42.8% [6][8]. - The gross margin is anticipated to be around 60% for 2024, with a return on equity (ROE) of 11.1% [6].