Investment Rating - The investment rating for the company is "Outperform the Market" [4][14]. Core Views - The company's Q2 2024 performance showed significant quarter-on-quarter growth, with revenue and net profit increasing by 51% and 91% respectively compared to Q1 2024, as the inventory destocking impact from downstream customers gradually cleared [1][6]. - The core business of home respiratory machine components is expected to stabilize, while new business segments are showing good growth trends, with revenue from cochlear implants increasing by 12.1% and consumer electronics components by 36.6% in H1 2024 [1][12]. - The company has diversified its business structure, reducing the revenue contribution from the core home respiratory machine components to 64% [1][12]. Financial Performance Summary - In H1 2024, the company achieved revenue of 706 million yuan, a decrease of 6.33% year-on-year, and a net profit of 169 million yuan, down 29.78% year-on-year. However, Q2 2024 revenue was 425 million yuan, reflecting a 9.83% increase from Q1 2024 [1][6]. - The company forecasts revenue growth of 25% for 2024, with projected revenues of 1.67 billion yuan, 2.08 billion yuan, and 2.56 billion yuan for 2024, 2025, and 2026 respectively [2][14]. - The projected net profit for the same years is 392 million yuan, 487 million yuan, and 601 million yuan, with a consistent growth rate of 25% [2][14]. Production Capacity and Incentives - The company has further released production capacity across multiple bases, with significant expansions in the Huizhou production base and successful completion of phases one and two in Malaysia [2][14]. - A stock incentive plan was introduced in April 2024, with ambitious growth targets for revenue and net profit set for 2024 to 2026, indicating strong confidence in future performance [2][14].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][14]. Core Views - The company's Q2 2024 performance showed significant quarter-on-quarter growth, with revenue and net profit increasing by 51% and 91% respectively compared to Q1 2024, as the inventory destocking impact from downstream customers gradually cleared [1][6]. - The core business of home respiratory machine components is expected to stabilize, while new business segments are showing good growth trends, with revenue from artificial cochlear implants increasing by 12.1% and consumer electronics components by 36.6% in H1 2024 [1][12]. - The company has diversified its business structure, with the revenue share from the core home respiratory machine components decreasing to 64% [1][12]. Financial Performance Summary - In H1 2024, the company achieved revenue of 706 million yuan, a decrease of 6.33% year-on-year, and a net profit of 169 million yuan, down 29.78% year-on-year. However, Q2 2024 revenue was 425 million yuan, reflecting a 9.83% increase from Q1 2024 [1][6]. - The company forecasts revenue growth of 25% for 2024, with projected revenues of 1.67 billion yuan, 2.08 billion yuan, and 2.56 billion yuan for 2024, 2025, and 2026 respectively [2][14]. - The projected net profit for 2024 is 392 million yuan, with a growth rate of 25% [2][14]. Production Capacity and Incentives - The company has further released production capacity across multiple bases, with the Huizhou production base expanding and the first two phases of the Malaysian facility completed and operational [2][14]. - A stock incentive plan was introduced in April 2024, with ambitious growth targets set for revenue and net profit over the next three years, indicating strong confidence in future performance [2][14].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - In the first half of 2024, the company achieved operating revenue of 706 million yuan, a year-on-year decrease of 6.33%. The net profit attributable to the parent company was 169 million yuan, down 29.78% year-on-year. In Q2 2024, the company reported revenue of 425 million yuan, a year-on-year increase of 9.83%, with a net profit of 111 million yuan, down 16.14% year-on-year. The improvement in Q2 performance is attributed to the gradual reduction of inventory destocking effects from overseas customers of home respiratory machines, narrowing the decline in core business, and orderly progress in new business expansion [2][6]. Summary by Sections Financial Performance - In H1 2024, the core business of home respiratory machine components generated revenue of 448 million yuan, a year-on-year decline of 11.89%, which is an improvement compared to the decline of 18.12% in 2023. The revenue and profit in Q2 showed significant quarter-on-quarter improvement, with gross margin and net margin at 42.85% and 26.16%, respectively, both up from Q1 [6][7]. Revenue Growth Drivers - The company reported revenue of 78.9 million yuan from home and consumer electronics components, a year-on-year increase of 36.60%. Revenue from artificial cochlear implant components was 64.64 million yuan, up 12.08% year-on-year. Other medical product components generated revenue of 49.04 million yuan, a 14.92% increase year-on-year. The company is actively enhancing R&D investment and expanding into new fields such as cardiovascular intervention, electrophysiology, in vitro diagnostics, blood glucose management, and surgery [6][7]. Future Projections - The company forecasts operating revenues of 1.658 billion yuan, 2.055 billion yuan, and 2.526 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 23.98%, 23.90%, and 22.92%. The net profit attributable to the parent company is projected to be 403 million yuan, 501 million yuan, and 636 million yuan for the same years, with growth rates of 28.70%, 24.26%, and 26.88%, respectively. The EPS is expected to be 0.99 yuan, 1.23 yuan, and 1.56 yuan, with a three-year CAGR of 26.60% [6][7].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [1][16]. Core Insights - The company reported a revenue of 706 million yuan in the first half of 2024, a year-on-year decrease of 6.33%, with a net profit attributable to shareholders of 169 million yuan, down 29.78% year-on-year [3]. - In Q2 2024, the company achieved a revenue of 425 million yuan, showing a year-on-year growth of 9.83%, indicating a recovery from the inventory digestion phase of major clients [3]. - The company is expected to see significant growth in new business areas such as blood glucose management and cardiovascular devices, which are anticipated to become important growth drivers [3]. Financial Performance Summary - **Revenue Forecast**: The company is projected to achieve revenues of 1,672 million yuan, 2,124 million yuan, and 2,707 million yuan for 2024, 2025, and 2026 respectively, with growth rates of 25%, 27%, and 27% [3]. - **Net Profit Forecast**: Expected net profits for the same years are 385 million yuan, 494 million yuan, and 633 million yuan, with growth rates of 23%, 28%, and 28% [3]. - **Earnings Per Share (EPS)**: The EPS is projected to be 0.95 yuan in 2024, increasing to 1.56 yuan by 2026 [3]. Business Segment Analysis - The home respiratory machine component business generated 448 million yuan in revenue in the first half of 2024, a decrease of 11.89% year-on-year, primarily due to fluctuations in overseas client inventory [3]. - The artificial cochlear business saw a revenue increase of 12.08% year-on-year, reaching 65 million yuan, indicating strong performance in this segment [3]. - The diversified business segments, including home electronics and other medical devices, achieved a combined revenue of 79 million yuan, with a growth rate of 36.60% [3]. Operational Developments - The company has successfully launched new production facilities in Daya Bay and Malaysia, enhancing its global supply chain capabilities [3]. - The ongoing construction of the third phase of the Malaysian factory is expected to further increase production capacity to meet overseas demand [3].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][2]. Core Views - The company reported a revenue of 706 million yuan for the first half of 2024, a decrease of 6.33% year-on-year, with a net profit attributable to shareholders of 169 million yuan, down 29.78% compared to the same period last year [1]. - There is a recovery in orders for home respiratory machine components, leading to a quarter-on-quarter improvement in revenue [1]. - The company’s revenue from home respiratory machine components for the first half of 2024 was 448 million yuan, a year-on-year decline of 11.89%, primarily due to inventory destocking by downstream customers [1]. - The company expects continued improvement in its home respiratory machine component business in the second half of 2024, supported by a global growth rate of 6% for main respiratory machines and 15% for masks and related consumables in Q2 2024 [1]. - Revenue from artificial cochlear implant components grew by 12.08% year-on-year in the first half of 2024, indicating stable growth [1]. - The company has established solid cooperative relationships with downstream clients in the home respiratory machine and artificial cochlear implant sectors, sharing in the stable market growth [2]. Summary by Sections Financial Performance - The company’s revenue projections for 2024-2026 are 1.723 billion, 2.156 billion, and 2.672 billion yuan, respectively, with net profits of 392 million, 497 million, and 624 million yuan [2]. - Earnings per share (EPS) are forecasted to be 0.96, 1.22, and 1.53 yuan for the same periods, with corresponding price-to-earnings (PE) ratios of 29.3, 23.1, and 18.4 times [2]. - The company’s revenue growth rates are projected at 28.8%, 25.1%, and 23.9% for the years 2024, 2025, and 2026, respectively [4]. Market Position - The company has a significant international presence, with overseas revenue accounting for 93.90% of total revenue in the first half of 2024 [1]. - The company is involved in various medical device sectors, providing development and manufacturing services to over ten global medical device companies [1].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is experiencing an initial turning point in orders for respiratory machine components, with expectations for new business expansion potential [2][3] - The company's revenue for the first half of 2024 is reported at 706 million yuan, a year-on-year decrease of 6.33%, while net profit attributable to the parent company is 169 million yuan, down 29.78% year-on-year [2] - The company is focusing on expanding its new product lines, particularly in blood glucose management and IVD diagnostics, with collaborations with major medical device companies [3] Summary by Sections Financial Performance - In H1 2024, the company's revenue from home respiratory machine components was 448 million yuan, down 11.89% year-on-year, with a gross margin of 43.48% [3] - The revenue from artificial cochlear implant components was 65 million yuan, up 12.08% year-on-year, with a gross margin of 63.84% [3] - The revenue from home and consumer electronics components was 79 million yuan, up 36.60% year-on-year, with a gross margin of 24.40% [3] Cost and Expenses - The company's sales, management, and R&D expense ratios for H1 2024 were 2.3%, 6.1%, and 8.1%, respectively [3] - The gross margin for Q2 2024 was 42.85%, a decrease of 1.7 percentage points year-on-year, attributed to declining revenue scale and lower margins from new product categories [3] Future Outlook - The company is expected to see gradual improvement in its expense ratios and gross margins in the second half of 2024 due to increased R&D investment and optimization of its R&D team [3] - The company has set ambitious targets for its stock incentive plan, aiming for annual revenue and net profit growth of no less than 25% from 2024 to 2026 [3] Profit Forecast and Valuation - The profit forecast for the company is set at 397 million yuan for 2024, 502 million yuan for 2025, and 641 million yuan for 2026 [4] - The report highlights the company's leading position in precision medical device components manufacturing and its potential for new business expansion [4]

证券代码：301363 证券简称：美好医疗 深圳市美好创亿医疗科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |------------------------|-------------------------------------------------------------------|-----------------------------|----------------| | | | | 编号：2024-004 | | 投资者关系活动类别 | □特定对象调研 □媒体采访 □业绩说明会□新闻发布会 □路演活动□现场参观 | □分析师会议其他（电话会议） | | | 活动参与人员 | 详见附件清单 | | | | 时间 | 2024 年 8 月 20 日-2024 | 年 8 月 21 日 | | | | 地点 公司会议室 | | | | 上市公 | 董事、副总经理：周道福先生 | | | | 司接待 | 副总经理、财务总监：严俊峨女士 | | | | 人员 | 董事会秘书：谭景霞女士 | | | | | 主要提问及答复情况 | | | | | 问题一 ...

[ T able_StockInfo] 2024 年 08 月 20 日 证券研究报告•2024 年中报点评 当前价：27.60 元 美好医疗（301363）医药生物 目标价：——元（6 个月） Q2 营收同环比改善，看好呼吸机业务恢复 [Table_Summary 事件：公司发布] 2024年中报，24H1 年实现收入 7.1亿元（-6.3%），实现归母 净利润 1.7亿元（-29.8%）。24Q2实现收入 4.2亿元（+9.8%），实现归母净利 润 1.1亿元（-16.1%）。公司营收增速在 Q2转正，利润降幅显著收窄，呼吸机 库存影响有望持续改善。 基石业务略有分化，新兴业务快速增长。按业务来看，24H1两大基石业务：家 用呼吸机组件收入 4.5亿元（-11.9%），考虑到呼吸机业务库存消化已进入尾声， 上游客户预计在 H2恢复正常订单和放量节奏；人工耳蜗客户订单稳定放量，业 务收入0.6亿元（+12.1%）。新兴业务如家用及消费电子组件实现快速增长，24H1 收入 0.8亿元（+36.6%）。注射笔已突破关键技术，并成功实现量产，与新客户 订单正稳步推进中，有望为业绩带来第二增长曲线。公司在多元化赛道 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 32.34 CNY based on a 33x P/E ratio for 2024 [2][4]. Core Insights - The company's Q2 2024 performance showed significant improvement, with a revenue of 420 million CNY (up 9.8% YoY and 50.9% QoQ) and a net profit of 110 million CNY (down 16.1% YoY and up 91.5% QoQ), indicating a recovery in order volume as inventory levels stabilize [1][2]. - The core business is showing positive margins, while other segments are performing steadily. The home respiratory device components generated 450 million CNY in H1 2024 (down 11.9% YoY) but improved by 25% QoQ compared to H2 2023 [1]. - The company is increasing R&D and sales investments, leading to a recovery in net profit margin, which reached 26.2% in Q2 2024 (up 5.6 percentage points QoQ) [1]. - A clear stock incentive plan was announced in April 2024, aiming for revenue or net profit growth rates of no less than 25%/56.25%/95.31% for 2024/2025/2026, reflecting strong confidence in future growth [1]. Financial Summary - For H1 2024, the company reported a revenue of 710 million CNY (down 6.3% YoY) and a net profit of 170 million CNY (down 29.8% YoY) [1]. - The projected EPS for 2024-2026 is 0.98, 1.22, and 1.51 CNY respectively, with an upward revision from previous estimates [2]. - The company's gross margin for H1 2024 was 41.0% (up 3.0 percentage points YoY), while the net margin was 23.7% for 2024E [3][6].

华福证券 - A T T T 美好医疗（301363.SZ） 主业去库存结束，注射笔订单稳步推进 投资要点： 事件：公司发布 2024 年半年报，2024H1 实现收入 7.1 亿（同比-6.33%）， 归母净利润 1.7 亿（同比-29.78%），扣非归母净利润 1.6 亿（同比-27.33%）； 2024Q2 实现收入 4.2 亿（同比+9.83%），归母净利润 1.1 亿（同比-16.14%）， 扣非归母净利润 1.1 亿（同比-13.55%）。 主业呼吸机组件业务拐点确立，业绩重回向上趋势：公司家用呼吸机 组件 2024H1 实现收入 4.5 亿（同比-11.9%），毛利率 43.4%。当前公司家 用呼吸机组件大客户去库存压力已经逐渐消退、回到正常水平。同时，呼 吸机组件业务上半年毛利率对比 23 年全年已有所提升，主业未来有望进入 拐点向上阶段。公司新股权激励夯实 24 年净利润增速 25%，对应全年 3.9 亿利润目标，Q2 迈入拐点向上夯实全年增长确定性。 第二增长曲线注射笔稳步推进，新客户拓展可期：截至目前，公司有 签订胰岛素注射笔的订单，目前与相关客户的商务合作稳步推进，处于逐 步放量的发展 ...