GUIZHOU SANLI(603439) 华源证券·2024-09-12 10:00Investment Rating - The report assigns a "Buy" rating for Guizhou Sanli (603439.SH) as it anticipates enhanced shareholder returns through both organic growth and acquisitions [5]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 920 million yuan, a year-on-year growth of 45.91%, and net profit of 117 million yuan, up 15.96% [5]. - The integration of Hanfang Pharmaceutical has contributed to revenue growth, with a 46% increase in revenue attributed to this acquisition [5]. - The company has a robust dividend plan, committing to distribute at least 50% of its distributable profits as cash dividends annually from 2024 to 2026 [5]. Financial Performance Summary - For the first half of 2024, the company achieved a quarterly revenue of 498 million yuan, marking a 76.87% year-on-year increase, and a net profit of 61 million yuan, up 32.60% [5]. - The revenue from subsidiaries for the first half of 2024 was as follows: Sanli 573 million yuan, Hanfang 205 million yuan, Dechangxiang 97 million yuan, and Haosit 23 million yuan, all demonstrating strong profitability [5]. - The projected net profits for 2024, 2025, and 2026 are 327 million yuan, 393 million yuan, and 482 million yuan, respectively, with corresponding year-on-year growth rates of 11.8%, 20.0%, and 22.7% [7]. Market Position and Growth Potential - The core product, the "Kaitoujian" spray, is experiencing strong market demand, with expected revenue growth exceeding 20% in Q2 2024 [6]. - The company has expanded its OTC market presence significantly, covering over 335 cities and 2,376 counties, with a total of approximately 198,000 terminals [6]. - The strategic acquisitions of Dechangxiang and Hanfang Pharmaceutical are expected to enhance the product portfolio across various therapeutic areas, contributing to future growth [6].