NKF(603707) 湘财证券·2024-09-22 07:39Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is undergoing a transformation and entering a new phase of internationalization in high-end formulations [3] - The company achieved a revenue of 2.14 billion yuan in the first half of 2024, a year-on-year decrease of 6.99%, with a net profit of 405 million yuan, down 35.15% [3] - The second quarter of 2024 showed signs of recovery with a revenue of 1.14 billion yuan, a year-on-year increase of 14.3% [4] - The overseas formulation segment continues to grow rapidly, accounting for 53.60% of total revenue in the first half of 2024 [5] - The company is focusing on developing a pipeline of biosimilars and high-end complex formulations, which are expected to drive new growth [6] Financial Summary - The company forecasts EPS of 0.54 yuan, 0.70 yuan, and 0.91 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 24.27, 18.76, and 14.40 [7][8] - Revenue projections for 2024, 2025, and 2026 are 4.245 billion yuan, 5.096 billion yuan, and 6.310 billion yuan, representing year-on-year growth rates of 8.0%, 20.1%, and 23.8% respectively [8] - The net profit is expected to recover significantly in 2024 with a forecast of 875 million yuan, a year-on-year increase of 561.7% [8]