maccura(300463) 国联证券·2024-08-03 10:03Investment Rating - The report maintains a "Buy" rating for the company [4][10]. Core Views - The company reported a revenue of 1.279 billion yuan in the first half of 2024, a year-on-year decline of 7.37%. However, the net profit attributable to shareholders increased by 15.38% to 202 million yuan, and the net profit after deducting non-recurring items grew by 11.49% to 199 million yuan [2][6]. - The decline in revenue is primarily due to the gradual divestment of agency business, which has put short-term pressure on performance. In contrast, revenue from self-produced reagents increased by 5.9% to 859 million yuan, with sales volume rising by 23.4% [7]. - The company has seen a significant increase in the installation of production lines, with 109 biological immune production lines and 110 blood production lines installed in the first half of 2024, which is expected to continue driving reagent sales [7][9]. - The gross profit margin improved to 57.00%, up by 3.62 percentage points, attributed to effective cost control. The net profit margin also increased to 15.83%, up by 3.39 percentage points [9]. - The company is focusing on research and development, with a slight increase in R&D expenses and marketing efforts. New products, including the i6000 chemiluminescence analyzer and C2000 fully automated biochemical analyzer, have been registered, enhancing the product matrix [9]. Financial Summary - The company expects revenues for 2024, 2025, and 2026 to be 3.007 billion, 3.321 billion, and 3.767 billion yuan, respectively, with year-on-year growth rates of 3.85%, 10.43%, and 13.44% [10]. - The net profit attributable to shareholders is projected to be 370 million, 494 million, and 680 million yuan for the same years, with growth rates of 18.36%, 33.49%, and 37.66% [10]. - Earnings per share (EPS) are expected to be 0.60, 0.81, and 1.11 yuan for 2024, 2025, and 2026, respectively [10].