maccura(SZ:300463)2024-08-08 07:00Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Views - The company reported a revenue of 1.279 billion yuan for the first half of 2024, a decrease of 7.37%, while the net profit attributable to shareholders increased by 15.38% to 202 million yuan [2] - The growth in self-developed products is driving performance improvement, with self-developed product sales reaching 932 million yuan, an increase of 7.61%, and accounting for 72.91% of total revenue [2] - The company is actively promoting the installation of intelligent laboratory testing lines, which is expected to provide long-term growth momentum [3] - The company has invested 25-30% of its annual net profit into R&D, with a total R&D investment exceeding 1.5 billion yuan over the past five years [3] Financial Performance Summary - For the first half of 2024, the company achieved an operating cash flow of 213 million yuan, a decrease of 48.09% [2] - The gross profit margin for the first half of 2024 was 57.00%, an increase of 3.62 percentage points year-on-year [3] - The company expects net profits for 2024-2026 to be 451 million yuan, 564 million yuan, and 697 million yuan, representing year-on-year growth rates of 44.24%, 24.99%, and 23.67% respectively [3]