诺思格：2024H1财报点评：行业洗牌期，多措并举着眼长期

Investment Rating - The report maintains a "Buy" rating for the company [3][7]. Core Views - The company reported a revenue of 379 million yuan for the first half of 2024, representing a year-on-year growth of 4.71%. However, the net profit attributable to shareholders decreased by 31.94% to 58.51 million yuan [2]. - The apparent profit growth was impacted by the amortization expenses related to the 2023 restricted stock incentive plan. Excluding this effect, the net profit attributable to shareholders would be 85.10 million yuan, a decline of only 1.01%, while the non-recurring net profit would be 73.08 million yuan, an increase of 3.69% [2]. - The clinical operations faced pressure, but data management and biological sample testing showed strong performance. Specifically, clinical trial operation revenue decreased by 10.71% to 161 million yuan, while data management and statistical analysis services revenue increased by 42.15% to 51.37 million yuan, and biological sample testing revenue surged by 83.50% to 44.14 million yuan [2]. - The establishment of an industrial fund in collaboration with CICC Capital aims to support the development of innovative drug companies, potentially leading to more quality orders in the long term [2]. - The company expects net profits attributable to shareholders to reach 152 million yuan, 201 million yuan, and 252 million yuan for 2024, 2025, and 2026, respectively, corresponding to current price-to-earnings ratios of 25, 19, and 15 times [2]. Financial Summary - For the first half of 2024, the company achieved total revenue of 379 million yuan and a net profit of 58.51 million yuan. The revenue from clinical trial operations was 161 million yuan, while data management and statistical analysis services generated 51.37 million yuan [2][6]. - The company’s total revenue is projected to grow from 721 million yuan in 2023 to 1 billion yuan by 2026, with a gross profit margin expected to remain around 41% [6]. - The earnings per share (EPS) is forecasted to be 1.59 yuan in 2024, increasing to 2.63 yuan by 2026 [6].