maccura(300463) 国泰君安·2024-08-05 23:31Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company continues to increase R&D investment and market promotion of its product lines, while also enhancing management efficiency and cost reduction, leading to stable performance and an increase in the proportion of self-developed products [2][4]. Financial Summary - For H1 2024, the company achieved operating revenue of 1.279 billion yuan (down 7.37%), net profit attributable to the parent company of 202 million yuan (up 15.38%), and non-recurring net profit of 199 million yuan (up 11.49%). Operating cash flow was 213 million yuan (down 48.09%) [4][5]. - The sales revenue of self-developed products in H1 2024 was 932 million yuan (up 7.61%), with a gross margin of 72.42% (up 1.54 percentage points). The sales revenue of agency products was 334 million yuan (down 32.69%), with a gross margin of 13.68% (down 7.75 percentage points) [4][5]. - The proportion of self-developed products in total revenue increased from 37.73% in 2019 to 72.91% in H1 2024, with their contribution to net profit rising from 75.27% in 2019 to 87.24% [4][5]. Product Development and Market Expansion - New products have been approved, and the promotion of automated testing lines is progressing smoothly, driving an increase in reagent sales. In H1 2024, the company achieved a shipment of 2,301 units of large instruments and testing lines, with reagent sales volume increasing by 23.4% year-on-year [4][5]. - The company is actively promoting the intelligent laboratory testing analysis pipeline and collaborating with various platform terminals, which is expected to lead to sustained growth in reagent sales [4][5]. Earnings Forecast - The report maintains EPS forecasts for 2024, 2025, and 2026 at 0.71 yuan, 0.86 yuan, and 1.05 yuan respectively, with a target price of 17.27 yuan, corresponding to a PE ratio of 24X for 2024 [4][5].