上海莱士：2024年半年报点评：业绩符合预期，内生利润稳健增长

Investment Rating - The report maintains a "Buy" rating for Shanghai Laishi (002252) [1] Core Views - The company's H1 2024 performance met expectations with a revenue of 4.25 billion yuan, representing a 9% increase, and a net profit attributable to shareholders of 1.24 billion yuan, up 0.2% [3] - The growth in revenue was driven by a 2% increase in self-operated blood products revenue and an 18.9% increase in imported human albumin revenue [3] - The gross margin remained stable at 42% in Q2 2024, indicating effective adjustments in sales channels to mitigate price reductions in hospitals [3] - The report forecasts revenue growth for 2024-2026, estimating revenues of 8.81 billion yuan, 10.08 billion yuan, and 11.42 billion yuan, with net profits of 2.49 billion yuan, 2.81 billion yuan, and 3.17 billion yuan respectively [3] Summary by Sections Financial Performance - H1 2024 revenue was 4.25 billion yuan (+9%), with Q2 revenue at 2.2 billion yuan (+19.5%) [3] - H1 2024 net profit attributable to shareholders was 1.24 billion yuan (+0.2%), while Q2 net profit was 480 million yuan (-7%) [3] - The company experienced a decrease in non-recurring net profit by 6% in H1 2024 [3] Revenue Breakdown - Self-operated blood products revenue for H1 2024 was 2.25 billion yuan (+2%) [3] - Imported human albumin revenue reached 1.95 billion yuan (+18.9%), significantly contributing to overall revenue growth [3] Profitability Metrics - Q2 2024 gross margin was stable at 42%, reflecting the company's ability to manage costs effectively [3] - The report anticipates a recovery in profit margins in the second half of 2024 due to the one-time charitable donation impacting Q2 profits [3] Future Projections - Revenue projections for 2024-2026 are 8.81 billion yuan, 10.08 billion yuan, and 11.42 billion yuan respectively [4] - Net profit projections for the same period are 2.49 billion yuan, 2.81 billion yuan, and 3.17 billion yuan respectively [4] - The company is expected to maintain strong profitability in its self-operated blood products business while enhancing its market position through imported human albumin [3]