maccura(300463) 中国银河·2024-08-02 02:00Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the market [1]. Core Insights - The company reported a revenue of 1.279 billion yuan for the first half of 2024, a decrease of 7.37% year-on-year, while the net profit attributable to shareholders increased by 15.38% to 202 million yuan [1]. - The growth in self-developed products has driven performance improvement, with self-developed product sales reaching 932 million yuan, accounting for 72.91% of total revenue, up from 37.73% in 2019 [1]. - The company is actively advancing its laboratory automation solutions, which are expected to provide long-term growth momentum [1]. - Continuous investment in technological innovation is emphasized, with 25-30% of annual net profit allocated to R&D, totaling over 1.5 billion yuan in the last five years [1]. Financial Performance Summary - For the first half of 2024, the company achieved a gross profit margin of 57.00%, an increase of 3.62 percentage points year-on-year [1]. - The projected financial metrics for 2024-2026 include a net profit of 450.92 million yuan in 2024, representing a growth of 44.24% [5][9]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 0.74 yuan, 0.92 yuan, and 1.14 yuan, respectively [5][9]. Strategic Focus - The company is focusing on enhancing its product portfolio and maintaining a comprehensive strategy across various platforms, including biochemical, immunological, and molecular diagnostics [1]. - The report highlights the importance of the company's automation solutions in driving the rapid growth of self-developed products [1].