JAFRON(300529) 国金证券·2024-08-08 02:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The company has demonstrated significant revenue growth, with a 48% year-on-year increase in revenue for the first half of 2024, reaching 1.496 billion RMB, and a 99% increase in net profit attributable to shareholders, amounting to 553 million RMB [1]. - The sales of blood perfusion products in the renal field grew by 84% year-on-year, with the HA130 blood perfusion device sales increasing by 67% and sales volume up by 127% [1]. - The company maintains a high level of R&D investment, amounting to 113 million RMB, which is 7.54% of its revenue, and has received 16 new patent authorizations [1]. - The company has achieved EU MDR certification for its main products, which is expected to accelerate overseas market expansion [1]. - New product iterations and expansion into new application areas are anticipated to contribute to long-term growth [1]. Summary by Sections Performance Overview - In the first half of 2024, the company achieved revenue of 1.496 billion RMB, a 48% increase year-on-year; net profit attributable to shareholders was 553 million RMB, up 99%; and the net profit excluding non-recurring items was 526 million RMB, also up 100% [1][3]. Business Analysis - The sales of blood perfusion products in various fields are growing rapidly, with significant increases in both revenue and sales volume across renal and liver products [1]. - The company’s overseas sales revenue increased by 64%, indicating a positive external environment and strategic development trends [1]. R&D and Product Development - The company invested 113 million RMB in R&D, representing 7.54% of its revenue, and has a total of 359 authorized patents [1]. - The HA series blood perfusion devices and BS series plasma bilirubin adsorbers have received EU MDR certification, marking a significant achievement in compliance with new regulations [1]. Profit Forecast and Valuation - The company is expected to achieve revenues of 3.347 billion RMB, 4.444 billion RMB, and 5.630 billion RMB for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 74%, 33%, and 27% [1]. - The forecasted net profit attributable to shareholders for the same period is 985 million RMB, 1.330 billion RMB, and 1.714 billion RMB, with growth rates of 126%, 35%, and 29% [1].