报告公司投资评级 - 买入（维持）[1] 报告的核心观点 - 2024年上半年公司营业收入20.1亿元，同比下降7.02%；归母净利润2.39亿元，同比下降5.16%；扣非归母净利润1.94亿元，同比下降16.65% [1] - 上半年工业端承压，营销改革提纯销，OTC市占率稳步提升；毛利率受中药材成本上涨影响，销售与研发费用持续投入；健民大鹏稳健增长，研发持续收获 [1] - 考虑公司持续推进营销体系优化及中药材成本上涨影响，下调盈利预测，预计24 - 26年收入分别为46.02/53.21/61.68亿元，同比增长9.2%/15.6%/15.9%；归母净利润分别为5.69/6.48/7.60亿元，同比增长9.1%/13.8%/17.3%，对应估值为12X/11X/9X，维持“买入”评级 [2] 根据相关目录分别进行总结 财务指标 - 2023 - 2026年预计营业收入分别为42.13/46.02/53.21/61.68亿元，收入同比分别为15.7%/9.2%/15.6%/15.9%；归属母公司净利润分别为5.21/5.69/6.48/7.60亿元，净利润同比分别为27.8%/9.1%/13.8%/17.3%；毛利率分别为46.0%/45.2%/45.5%/45.8%；ROE分别为23.2%/20.2%/18.7%/18.0%；每股收益分别为3.41/3.71/4.22/4.95元；P/E分别为19.13/12.29/10.80/9.20；P/B分别为4.45/2.48/2.02/1.66；EV/EBITDA分别为24.12/8.97/7.31/5.58 [3] 现金流量表 - 2023 - 2026年预计经营活动现金流分别为2.68/4.15/3.41/4.10亿元；投资活动现金流分别为 - 0.77/1.20/1.44/2.08亿元；筹资活动现金流分别为 - 0.86/ - 0.03/ - 0.03/ - 0.03亿元；现金净增加额分别为1.05/5.32/4.82/6.16亿元 [5] 资产负债表与利润表 - 2023 - 2026年预计流动资产分别为27.66/33.93/41.98/51.25亿元；非流动资产分别为14.02/14.23/14.70/15.01亿元；资产总计分别为41.68/48.16/56.68/66.26亿元；流动负债分别为18.57/19.34/21.36/23.31亿元；非流动负债分别为0.55/0.55/0.55/0.55亿元；负债合计分别为19.11/19.89/21.90/23.86亿元；归属母公司股东权益分别为22.48/28.17/34.65/42.25亿元；负债和股东权益总计分别为41.68/48.16/56.68/66.26亿元 [6] - 2023 - 2026年预计营业收入分别为42.13/46.02/53.21/61.68亿元；营业成本分别为22.73/25.22/29.02/33.43亿元；营业利润分别为5.74/6.24/7.18/8.51亿元；利润总额分别为5.71/6.21/7.14/8.47亿元；所得税分别为0.48/0.50/0.64/0.85亿元；净利润分别为5.23/5.71/6.50/7.63亿元；少数股东损益分别为0.02/0.02/0.02/0.03亿元；归属母公司净利润分别为5.21/5.69/6.48/7.60亿元；EBITDA分别为4.07/6.99/7.92/9.27亿元；EPS分别为3.41/3.71/4.22/4.95元 [6] 主要财务比率 - 2023 - 2026年预计营业收入同比分别为15.7%/9.2%/15.6%/15.9%；营业利润同比分别为29.8%/8.8%/15.1%/18.5%；归属于母公司净利润同比分别为27.8%/9.1%/13.8%/17.3%；毛利率分别为46.0%/45.2%/45.5%/45.8%；净利率分别为12.4%/12.4%/12.2%/12.3%；ROE分别为23.2%/20.2%/18.7%/18.0%；ROIC分别为13.4%/19.4%/18.1%/17.5%；资产负债率分别为45.9%/41.3%/38.6%/36.0%；净负债比率分别为84.7%/70.3%/63.0%/56.3%；流动比率分别为1.49/1.75/1.97/2.20；速动比率分别为1.20/1.45/1.64/1.86；总资产周转率分别为1.01/0.96/0.94/0.93；应收账款周转率分别为4.91/5.28/5.09/5.18；应付账款周转率分别为5.64/6.09/5.85/5.97；每股收益分别为3.41/3.71/4.22/4.95元；每股净资产分别为14.65/18.36/22.59/27.54元；P/E分别为19.13/12.29/10.80/9.20；P/B分别为4.45/2.48/2.02/1.66；EV/EBITDA分别为24.12/8.97/7.31/5.58 [7]