Well Lead(603309) 国盛证券·2024-07-26 08:02Investment Rating - The report maintains a "Buy" rating for the company [10] Core Views - The company's performance exceeded expectations, driven by the recovery of overseas demand and continuous expansion of new customers, leading to rapid growth in export revenue [2][10] - The improvement in profit growth outpacing revenue growth is attributed to a significant reduction in expense ratios [2] - The establishment of a subsidiary in Mexico accelerates the company's overseas localization strategy [2] Financial Performance Summary - In H1 2024, the company achieved revenue of 676 million yuan, a year-on-year increase of 3.27%, and a net profit attributable to shareholders of 106 million yuan, up 15.17% [2] - Q2 2024 saw revenue of 367 million yuan, a 26.39% increase year-on-year, and a net profit of 55.8 million yuan, up 39.55% [2] - The company's gross margin in Q2 2024 was 43.45%, a decrease of 3.59% year-on-year, primarily due to the higher proportion of lower-margin overseas revenue [2] Business Segment Performance - The company reported a decline in domestic sales revenue of 14.05% to 325 million yuan in H1 2024, while export revenue increased by 27.71% to 337 million yuan [2] - Key business revenue breakdown for H1 2024 includes: Anesthesia business 219 million yuan (down 4%), Urinary business 194 million yuan (up 14.89%), Nursing business 70.72 million yuan (up 40.31%) [2] Future Outlook and Projections - Revenue projections for 2024-2026 are 1.721 billion, 2.185 billion, and 2.765 billion yuan, with year-on-year growth rates of 24.0%, 27.0%, and 26.5% respectively [2] - Net profit projections for the same period are 227 million, 289 million, and 371 million yuan, with growth rates of 18.2%, 27.2%, and 28.3% respectively [2]