Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is experiencing high growth and profitability, with expectations for strong performance in the second half of 2024 [2][5] - In H1 2024, the adjusted net profit reached 1.027 billion HKD, representing a year-on-year increase of 51.8%, with an adjusted net profit margin exceeding 40% [2][5] Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 2.54 billion HKD, a year-on-year increase of 58.2%, and a net profit attributable to shareholders of 983 million HKD, up 47.4% [5] - The adjusted net profit for H1 2024 was 1.027 billion HKD, reflecting a growth of 51.8% year-on-year [5] Brand Performance - The "可复美" brand continued its high growth momentum, generating revenue of 2.07 billion HKD in H1 2024, a year-on-year increase of 68.6% [5] - The "可丽金" brand showed initial signs of improvement with revenue of 396 million HKD, up 23.6% year-on-year, following product adjustments made in 2023 [5] Operational Efficiency - The company achieved a direct sales revenue ratio of 72.4% in H1 2024, an increase of 4.9 percentage points year-on-year, with a comprehensive gross margin of 82.4% [6] - The company expanded its offline channels, covering approximately 1,500 public hospitals and 2,700 private hospitals and clinics by H1 2024 [6] Future Projections - Revenue projections for 2024-2026 are 5.06 billion HKD, 6.39 billion HKD, and 7.79 billion HKD, with corresponding growth rates of 43.6%, 26.4%, and 21.8% [6][7] - The net profit attributable to shareholders is expected to be 1.946 billion HKD, 2.399 billion HKD, and 2.883 billion HKD for the same period, with growth rates of 34.1%, 23.3%, and 20.1% respectively [6][7]
巨子生物：高成长、高盈利，期待2024H2再创佳绩