诺禾致源：业务稳步恢复，全球化布局持续推进

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.61 CNY per share based on a PE of 25X for 2024 [3]. Core Insights - The company reported a revenue of 999.7 million CNY for the first half of 2024, representing a year-on-year increase of 7.18%. The net profit attributable to shareholders was 77.93 million CNY, up 3.86%, while the net profit excluding non-recurring items was 65.91 million CNY, reflecting a growth of 12.92% [1]. - The performance showed a positive trend with all three major business segments recovering to varying degrees. The revenue for Q1 and Q2 of 2024 was 468 million CNY and 528 million CNY, respectively, with year-on-year increases of 6.32% and 7.94% [1]. - The company is expanding its global presence, having established laboratories in various countries including Japan, and now serves nearly 7,300 clients across approximately 90 countries and regions [1]. Financial Summary - The company expects its net profit attributable to shareholders to reach 210 million CNY, 249 million CNY, and 293 million CNY for the years 2024, 2025, and 2026, respectively [2]. - Revenue projections for the upcoming years are 2.211 billion CNY for 2024, 2.512 billion CNY for 2025, and 2.858 billion CNY for 2026, with growth rates of 10.4%, 13.6%, and 13.8% respectively [2]. - The EBITDA is projected to be 394 million CNY in 2024, increasing to 541 million CNY by 2026 [2].