完善产业基地建设，持续增强公司核心竞争力。根据公司官方公众号，截止至2024 年年中，安徽马鞍山基地2 个生产车间投入运营，山东菏泽产业化基地在建，江苏启动制剂GMP 生产基地多次通过客户审计。Core views:
Improving quality and efficiency brought about improvements on the reporting side, and the company's profitability increased significantly from month to month. The company released its 2024 semi-annual report. In the first half of 2024, the company achieved operating income of 1.056 billion yuan, a year-on-year increase of 19.82%; achieved net profit of 0.07 billion yuan, a year-on-year decrease of 25.77%; the company optimized financial management, open source savings and efficiency, and the period expense ratio was 32.01%, a year-on-year decrease of 1.61 pct; and a net operating cash flow of 0.077 billion yuan.
Maintain R&D investment and actively update and iterate products, and focus on steady growth in the main business. According to the company's official public account, in the first half of 2024, the company's life science reagents achieved revenue of 0.7 billion yuan, an increase of 30.7%; specialty APIs and intermediates/formulations achieved revenue of 0.35 billion yuan, an increase of 3.4% year on year; the company achieved domestic revenue of 0.65 billion yuan, up 17.6% year on year, and overseas revenue of 0.4 billion yuan, up 24.4% year on year; and molecular blocks achieved revenue of 0.21 billion yuan, an increase of 46.0% year on year; tools Compounds and biochemical reagents achieved revenue of 0.49 billion yuan, an increase of 25.2% over the previous year; the cumulative number of products was more than 0.126 million (0.085 million types of molecular blocks, 0.041 million types of tool compounds and biological reagents, an increase of 0.01 million over the end of the previous year); revenue from innovative drugs reached 0.22 billion yuan, and revenue from generic drugs reached 0.14 billion yuan. As of the end of the reporting period, the company's on-hand orders were steady, and the number of on-hand projects increased 20% year-on-year.
Improve the construction of industrial bases and continuously enhance the company's core competitiveness. According to the company's official account, as of mid-2024, 2 production workshops at the Ma'anshan base in Anhui were put into operation, an industrialization base in Heze, Shandong was under construction, and the GMP production base started in Jiangsu and passed customer audits several times.
Profit forecasting and investment advice. The company's cost side is expected to improve quarterly in the future, increasing capacity utilization while absorbing the impact of industry competition. Overall, the company's net profit for 24-26 is 0.159 billion yuan, 0.213 billion yuan, and 0.313 billion yuan, respectively, and EPS is 0.76 yuan/share, 1.01 yuan/share, and 1.49 yuan/share, respectively. The corresponding PE is 31.95 times, 23.88 times, and 16.24 times, respectively. Referring to industry changes and comparable company conditions, the company was given a 24-year PE valuation of 35 times, corresponding to a reasonable value of 26.48 yuan/share, maintaining a “buy” rating.
Risk warning. Technological innovation risk, new product uncertainty risk, exchange rate fluctuation risk, etc.
