受人员薪酬增加、汇率波动导致的汇兑收益减少等影响，公司2024 年上半年盈利端短暂承压。2024H1 公司综合毛利率39.51%，同比下降1.21 个百分点，销售净利率9.74%，同比下降6.25 个百分点。2024 年上半年，公司销售/管理/研发/财务费用率分别为11.39%/10.00%/5.65%/-2.25%，同比+0.73/+1.58/+0.53/+3.22个百分点。单看2024Q2 ， 公司销售/ 管理/ 研发/ 财务费用率分别为10.83%/10.6%/5.43%/-1.61%，环比-1.14/+1.21/-0.44/+1.30 个百分点。2024H1's revenue remained flat year on year, and fluctuations in the cost ratio affected the company's 2024H1 operating income of 0.532 billion yuan, up 1.83% year on year; net profit to mother was 0.052 billion yuan, down 38.15% year on year; net profit without return to mother was 0.048 billion yuan, down 47.47% year on year. Looking at 2024Q2 alone, the company achieved operating income of 0.27 billion yuan, down 0.23% year on year, up 2.61% month on month; net profit to mother was 0.026 billion yuan, down 45.04% year on year, down 1.19% month on month; net profit without return to mother was 0.023 billion yuan, down 56.85% year on year and 10.25% month on month. Considering industry competition and increased company expenses, we lowered the company's profit forecast for 2024-2026. The estimated net profit to mother is 0.118/0.134/0.161 billion yuan (originally estimated at 0.135/0.181/0.21 billion yuan), EPS is 1.30/1.47/1.77 yuan, and the P/E corresponding to the current stock price is 23.1/20.5/17.0 times, respectively. In view of the company's steady overseas growth, we maintain a “buy” rating.
The share of overseas revenue continued to increase, contributing to the company's main performance growth in the first half of 2024, the market share of pharmaceutical molecular blocks, remained stable, and overseas business contributed to the company's core performance flexibility. 2024H1 achieved revenue of 0.532 billion yuan, of which the pharmaceutical molecular block business achieved revenue of 0.455 billion yuan, an increase of 0.22% over the previous year; the scientific reagent business achieved revenue of 0.077 billion yuan, an increase of 12.57% over the previous year. The company's core business, pharmaceutical molecular blocks, remains stable in market share, and continues to increase the development of scientific reagent product lines. The company's share of overseas business continued to increase, with 2024H1 accounting for 56.24%. 2024H1 achieved domestic revenue of 0.233 billion yuan, a year-on-year decrease of 9.37%; overseas revenue of 0.299 billion yuan, an increase of 12.68% over the previous year.
Fluctuations in expense ratios affect the company's profit side, phased pressure
The company's profit side was briefly under pressure in the first half of 2024 due to increased employee remuneration and a decrease in exchange earnings due to exchange rate fluctuations. 2024H1's comprehensive gross profit margin was 39.51%, down 1.21 percentage points year on year, and net sales margin was 9.74%, down 6.25 percentage points year on year. In the first half of 2024, the company's sales/management/R&D/finance expenses ratio was 11.39%/10.00%/5.65%/-2.25%, respectively, +0.73/+1.58/+0.53/+3.22 percentage points. Looking at 2024Q2 alone, the company's sales/management/ R&D/ finance expense ratios were 10.83%/10.6%/5.43%/-1.61%, respectively, -1.14/+1.21/-0.44/+1.30 percentage points month-on-month.
Risk warning: Risks such as exchange rate fluctuations, declining market demand for drug development services, and fluctuations in return on investment.
