maccura(300463) 华泰证券·2024-08-02 01:03Investment Rating - The report maintains a "Buy" rating for the company [3][8]. Core Views - The company's revenue for 1H24 reached 1.279 billion RMB, a year-on-year decrease of 7.4%, while net profit attributable to shareholders was 202 million RMB, an increase of 15.4% year-on-year. The revenue from self-developed products grew by 7.6% year-on-year, indicating steady progress in the core business [3]. - The company achieved a significant increase in the shipment of large instruments and production lines, with a total of 2,301 units/lines shipped in 1H24, representing a year-on-year increase of 43.7% [3]. - The gross margin for 1H24 improved to 57.0%, up 3.6 percentage points year-on-year, primarily due to the higher gross margin of self-developed products, which now account for 72.9% of total revenue [4]. - The report forecasts EPS for 2024-2026 to be 0.71, 0.88, and 1.08 RMB, respectively, and sets a target price of 13.79 RMB based on a sum-of-the-parts (SOTP) valuation method [3][4]. Revenue and Profitability - The company expects a revenue increase in 2024, with projected figures of 3.096 billion RMB, a year-on-year growth of 6.9% [7]. - The net profit attributable to shareholders is projected to be 437 million RMB in 2024, reflecting a year-on-year increase of 39.8% [7]. - The report highlights a strong growth outlook for the chemical luminescence segment, with an anticipated revenue increase of nearly 15% in 1H24 [5]. Business Segments - The chemical luminescence segment is expected to benefit from an increase in instrument installations, leading to accelerated reagent sales [5]. - The clinical testing business saw a nearly 30% year-on-year revenue growth in 1H24, driven by successful promotion of blood cell products [6]. - The agency business experienced a decline, with agency revenue of 334 million RMB in 1H24, down 32.7% year-on-year, as the company continues to reduce its focus on this segment [6].