安杰思：公司信息更新报告：2024H1业绩超预期，国内外市场拓围驱动成长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's H1 2024 performance exceeded expectations, driven by expansion in domestic and international markets [3] - The company achieved revenue of 264 million yuan (yoy +28.43%) and a net profit of 124 million yuan (yoy +57.93%) in H1 2024 [3] - The company maintains a strong growth outlook with projected net profits of 271 million, 338 million, and 423 million yuan for 2024, 2025, and 2026 respectively [3] Financial Performance - In Q2 2024, the company reported revenue of 152 million yuan (yoy +32.43%) and a net profit of 72 million yuan (yoy +60.78%) [3] - The gross margin for H1 2024 was 71.73% (+2.88pct) and the net margin was 47.14% (+8.81pct) [3] - The company’s sales expense ratio decreased to 10.58% (-0.76pct), while the management expense ratio decreased to 9.11% (-0.51pct) [3] Product Performance - Revenue from GI products was 172 million yuan (yoy +29.19%), ESD/EMR products generated 63 million yuan (yoy +55.78%), and ERCP products contributed 20 million yuan (yoy +14.27%) [3] - The company is actively expanding its market presence, with significant growth in sales of GI and ESD/EMR products in both China and the US [3] Market Expansion - The company’s overseas revenue reached 138 million yuan (yoy +35.28%), accounting for 52% of total revenue, with 14 new overseas customers added in H1 2024 [3] - The domestic market has seen a significant increase in coverage among top-tier hospitals, with 2,300 hospitals served and 44% being top-tier hospitals [3] - Domestic sales revenue was 125 million yuan (yoy +21.98%), with 198 new clinical customers added, including 57 from top-tier hospitals [3] Financial Projections - The company forecasts revenue growth of 25% annually from 2024 to 2026, with projected revenues of 636 million, 795 million, and 994 million yuan for those years respectively [5] - The projected EPS for 2024, 2025, and 2026 is 3.35, 4.18, and 5.23 yuan respectively, with corresponding P/E ratios of 15.9, 12.8, and 10.2 [5]