赛恩斯半年报点评：“三位一体”支撑业绩高增，紫金矿业持续赋能

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 23.72 RMB [5] Core Views - The company achieved significant revenue and profit growth in H1 2024, with revenue reaching 356 million RMB (+32.68% YoY) and net profit attributable to shareholders of 115 million RMB (+216.75% YoY) [1] - The company's "three-in-one" business model (solutions, product sales, and operation services) drives synergistic growth, with operation services contributing 37% of total revenue [2] - The acquisition of Zijin Pharmaceutical enhances the company's product moat and technological barriers, supporting global expansion [3] Business Performance - Heavy metal pollution prevention solutions: Revenue of 105 million RMB (-15.8% YoY), accounting for 29% of total revenue, with seasonal revenue recognition expected in H2 [2] - Product sales: Revenue of 117 million RMB (+109.8% YoY), contributing 33% of total revenue, driven by the consolidation of Zijin Pharmaceutical [2] - Operation services: Revenue of 131 million RMB (+54.1% YoY), representing 37% of total revenue [2] Financial Forecasts - Revenue is expected to grow from 1.16 billion RMB in 2024E to 1.90 billion RMB in 2026E, with a CAGR of 32.15% [4] - Net profit attributable to shareholders is projected to increase from 201.65 million RMB in 2024E to 276.90 million RMB in 2026E [4] - EPS is forecasted to rise from 2.12 RMB in 2024E to 2.90 RMB in 2026E [4] Valuation Metrics - The company's P/E ratio is 11.21x for 2024E, 10.21x for 2025E, and 8.17x for 2026E [4] - EV/EBITDA is expected to decline from 6.23x in 2024E to 3.55x in 2026E [4] Shareholder and Industry Impact - The company benefits from the continuous support of its second-largest shareholder, Zijin Mining, with related transactions expected to reach 450 million RMB in 2024 [3] - The company is positioned as a leader in the heavy metal pollution prevention and resource utilization sector, with strong R&D capabilities and partnerships with academic institutions [4]