Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 3.595 billion yuan and a net profit attributable to shareholders of 369 million yuan for the first half of 2024, representing a year-on-year growth of 21.89%. The net profit excluding non-recurring items was 371 million yuan, up 27.19% year-on-year [4] - The core brand operation business achieved a revenue of 2.284 billion yuan, growing 11.88% year-on-year, while the wholesale and distribution business saw a revenue decline of 21.04% to 1.107 billion yuan. Retail business revenue increased by 7.72% to 190 million yuan [4] - The company is focusing on brand operation and optimizing its business structure, with the core brand operation business showing strong growth momentum [4] - The company has made strategic acquisitions, including a 60.199% stake in Shanghai Baiyang Pharmaceutical Co., which enhances its product structure and innovation capabilities [4] - The profit forecast for 2024-2026 is set at 843 million yuan, 1.036 billion yuan, and 1.322 billion yuan respectively, with corresponding PE ratios of 13.4, 10.9, and 8.5 [4] Financial Summary - Total revenue for 2023 is projected at 7.564 billion yuan, with a net profit of 656 million yuan, reflecting a year-on-year growth of 29.6% [6] - The gross margin is expected to improve from 30.0% in 2023 to 33.0% by 2026 [6] - The company’s total assets are estimated to reach 5.791 billion yuan by 2024, with a debt-to-asset ratio decreasing from 50.1% in 2023 to 44.9% in 2026 [6][7]
百洋医药：聚焦品牌运营业务，加速构建创新生态格局