（1）2024H1 溶液类产品贡献了9.76 亿元的营收（同比+11.65%），毛利率为93.98%（同比-1.12pct），其核心产品嗨体继续保持强劲需求，在颈纹领域维持较强竞争优势；凝胶类产品实现营收6.49 亿元（同比+14.57%），毛利率升至97.98%（+0.60pct）；（2）2024H1 公司毛利率为94.91%（-0.50pct）；净利率为67.68%（+1.82pct），销售费用率8.52%（-1.67pct），管理费用率4.09%（-1.41pct），研发费用率7.59%（+0.44pct）。The company's performance has grown steadily, and the product structure has been adjusted, and the company's medical cross-linked sodium hyaluronate gel containing polyvinyl alcohol gel microspheres has obtained a medical device registration certificate. The product is suitable for injecting and filling the upper layer of the periosteum in adults to improve mild to moderate chin contraction, and is expected to become a new performance growth point for the company.
Sales of high-end products are weak, and 2024Q3 performance is under pressure in the short term. In 2024H1, the company achieved operating income of 1.657 billion yuan (YoY +13.53%), net profit of 1.121 billion yuan (YoY +16.35%), after deducting non-net profit of 1.089 billion yuan (+16.58% YoY). 2024Q2 achieved operating income of 0.849 billion yuan (YoY +2.35%), net profit of 0.593 billion yuan (YoY +8.03%), minus non-net profit of 0.56 billion yuan (YoY +2.46%); 2024Q3 achieved operating income of 0.719 billion yuan (YoY +1.1%), a decrease of 15.34% month-on-month, and net profit of 0.465 billion yuan (YoY +2.13%), a decrease of 21.71% month-on-month, minus non-net profit Net profit of 0.442 billion yuan (-4.35% YoY), a decrease of 21.18%.
The company's product structure has changed, and the overall gross margin has declined slightly. The company's sales of solution and gel products both achieved year-on-year growth, and overall gross margin declined slightly, which we believe was mainly due to changes in product structure.
(1) 2024H1 solution products contributed 0.976 billion yuan in revenue (+11.65% YoY), with a gross margin of 93.98% (YoY -1.12pct). Its core product Hi-Body continued to maintain strong demand and maintained a strong competitive advantage in the neck pattern field; gel products achieved revenue of 0.649 billion yuan (+14.57%), and gross margin rose to 97.98% (+0.60pct); (2) 2024H1's gross margin was 94.91% (-0.50pct); Net profit margin was 67.68% (+1.82pct), sales expense ratio 8.52% (-1.67pct), management expense ratio 4.09% (-1.41pct), R&D expense ratio 7.59% (+0.44pct).
It is expected that new products will be launched one after another to expand the product matrix and gradually build C-side capabilities. (1) In October 2024, the company announced that the medical crosslinked sodium hyaluronate gel containing polyvinyl alcohol gel microspheres obtained a medical device registration certificate. The product is suitable for injecting and filling the upper layer of the periosteum in adults to improve mild to moderate chin contraction; (2) In October 2024, Beijing Norbert Biotech, a wholly-owned subsidiary of the company, received a clinical trial application for simeglutide injections accepted by the Drug Administration to carry out clinical trials for weight management indications according to the biosimilar route; (3) The company developed its own Domi “supermodel pills” with food-grade layout to gradually build C-end capability.
Maintain an “Overweight” rating. The company continues to promote product research and development to enhance market competitiveness. Considering the current weak consumption situation and changes in the company's revenue structure, we expect the company's net profit to be 2.156/2.559/3.031 billion yuan in 2024-2026, up 16%/19%/18% year on year, corresponding PE of 30.3/25.5/21.6 times, maintaining the “gain” rating.
Risk warning: Product promotion falls short of expectations, and industry competition increases the risk.
