Aurisco(605116) 海通证券·2024-10-06 13:39Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Insights - The company achieved a net profit attributable to shareholders of 189 million yuan in the first half of 2024, representing a year-on-year increase of 96.66%. The total revenue for the same period was 731 million yuan, up 32.21% year-on-year [5] - The gross profit margin for the company was 57.02%, an increase of 7.23 percentage points year-on-year, while the net profit margin was 25.81%, up 8.29 percentage points year-on-year [5] - The rapid market penetration of Dydrogesterone tablets is supported by an optimized distributor network and a professional academic team for promotion, with sales revenue reaching approximately 92.48 million yuan in the first half of 2024 [5] - The company is progressing well with its raw material production capacity, having raised 812 million yuan through convertible bonds for various production projects [5] Financial Performance - The company forecasts revenues of 1.638 billion yuan, 2.044 billion yuan, and 2.423 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to be 393 million yuan, 530 million yuan, and 643 million yuan for the same years [6][10] - The earnings per share (EPS) are projected to be 0.97 yuan, 1.31 yuan, and 1.58 yuan for 2024, 2025, and 2026 respectively [6][10] - The gross margin is expected to improve to 59.3% in 2024 and further to 61.4% in 2025 [10] Market Comparison - The company is compared with peers such as Tonghua Dongbao Pharmaceutical, Xianju Pharmaceutical, and Huahai Pharmaceutical, with a projected P/E ratio of 30-32x for 2024, indicating a reasonable value range of 29.02 to 30.95 yuan per share [6][9]