CCHT(000661) 光大证券·2024-08-19 06:48Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a revenue of 6.639 billion yuan for the first half of 2024, representing a year-on-year increase of 7.63%, while the net profit attributable to shareholders decreased by 20.40% to 1.720 billion yuan [2][3]. - The company is increasing its investment in innovation and transformation, with R&D expenses rising to 1.138 billion yuan, accounting for 17.14% of revenue, up 0.40 percentage points year-on-year [3][4]. Summary by Relevant Sections Revenue and Profitability - The company's revenue for Q1 and Q2 of 2024 was 3.177 billion yuan and 3.461 billion yuan, respectively, showing a year-on-year growth of 14.39% and 2.10% [3]. - The net profit for Q1 and Q2 was 859 million yuan and 861 million yuan, with a year-on-year change of +0.20% and -33.94% [3]. Business Segments - The revenue from overseas and non-pediatric old business has increased, with the sales revenue from international markets for growth hormone products reaching 85.238 million yuan, a year-on-year increase of 267.78% [3]. - The revenue from subsidiary companies includes 5.152 billion yuan from Jinsai Pharmaceutical, 618 million yuan from Baike Biological, and 391 million yuan from Huakang Pharmaceutical, with respective year-on-year growth rates of +0.25%, +10.05%, and +10.37% [3]. R&D and Innovation - R&D investment for the first half of 2024 was 1.138 billion yuan, up 10.18% year-on-year, with 887 million yuan in expense-based R&D and 251 million yuan in capitalized R&D [3]. - New product approvals include recombinant human follicle-stimulating hormone injection and other innovative products, with ongoing clinical trials for long-acting growth hormone products [3]. Financial Forecast and Valuation - The net profit forecasts for 2024-2026 have been adjusted downwards to 4.235 billion yuan, 4.630 billion yuan, and 4.943 billion yuan, reflecting a year-on-year change of -6.55%, +9.32%, and +6.75% respectively [4]. - The current price corresponds to a price-to-earnings ratio of 8 for 2024, 8 for 2025, and 7 for 2026, indicating attractive valuation given the company's operational quality [4].