ZHONGSHENGYAOYE(002317) 国盛证券·2024-09-18 00:09Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company reported a revenue of 1.364 billion yuan for the first half of 2024, a year-on-year decrease of 7.96%. The net profit attributable to shareholders was 87 million yuan, down 58.09% year-on-year. The second quarter saw a revenue of 723 million yuan, a year-on-year decrease of 1.67% but an increase of 12.81% quarter-on-quarter [1]. - The company is focusing on traditional Chinese medicine and innovation to build long-term core competitiveness. It aims to stabilize market share in core products and enhance the commercialization capabilities of innovative drugs. The approval of one innovative drug and the acceptance of another's application are significant milestones [1]. - The company has established a multi-mode positive cycle research and development ecosystem, which is expected to gradually yield results and drive long-term performance growth [1]. Financial Summary - For 2024-2026, the company is projected to achieve net profits of 302 million yuan, 409 million yuan, and 526 million yuan, with corresponding growth rates of 14.6%, 35.6%, and 28.6% respectively. The price-to-earnings ratios are expected to be 31X, 23X, and 18X [1][3]. - The financial indicators for 2024E show an expected revenue of 2.95 billion yuan, with a growth rate of 13.0% year-on-year. The net profit is projected to be 302 million yuan, reflecting a growth rate of 14.6% year-on-year [3][9].