Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a revenue of 390 million yuan in the first half of 2024, representing a year-on-year increase of 13.2%, while the net profit attributable to the parent company was 54.9 million yuan, down 11.3% due to a significant decrease in government subsidies [1]. - In Q2 2024, the company achieved a revenue of 210 million yuan, an increase of 9.7% quarter-on-quarter, with a net profit of 32.2 million yuan, down 12.1% [1]. - The company has seen a significant increase in new orders, with a 112.1% quarter-on-quarter growth in new contracts signed in Q2 2024, totaling 430 million yuan [2][4]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 390 million yuan (+13.2%) and a net profit of 54.9 million yuan (-11.3%) [1]. - The Q2 2024 results showed a revenue of 210 million yuan (+9.7%) and a net profit of 32.2 million yuan (-12.1%) [1]. Business Development - The company has strengthened its business development and brand promotion, resulting in a significant increase in new orders despite a challenging industry environment [2]. - The total amount of contracts in hand reached 1.83 billion yuan (+4.1%) by the end of the reporting period [2]. Service Capability - The company has enhanced its SMO service capabilities, executing 1,955 projects and serving over 930 clinical trial institutions across more than 190 cities [3]. Profit Forecast - Revenue projections for 2024-2026 are 874 million, 988 million, and 1.146 billion yuan, with corresponding growth rates of 15.0%, 13.0%, and 16.0% [4]. - The net profit forecasts for the same period are 136.7 million, 159.3 million, and 188.3 million yuan, with growth rates of 1.45%, 16.54%, and 18.21% respectively [4].
普蕊斯：2024年半年度报告点评：利润短期波动，Q2新签订单环比高速增长