安杰思：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][3]. Core Insights - The company's H1 2024 performance exceeded expectations, driven by the expansion of domestic and international markets, with revenue reaching 264 million yuan (yoy +28.43%) and net profit attributable to shareholders at 124 million yuan (yoy +57.93%) [3]. - The company maintains a strong growth trajectory, with projections for net profit attributable to shareholders for 2024-2026 estimated at 271 million, 338 million, and 423 million yuan respectively, corresponding to EPS of 3.35, 4.18, and 5.23 yuan [3][5]. - The company has a stable overseas customer base, with overseas revenue in H1 2024 amounting to 138 million yuan (yoy +35.28%), accounting for 52% of total revenue [3]. - The domestic market shows a strong trend of increasing coverage in high-grade hospitals, with sales revenue in H1 2024 reaching 125 million yuan (yoy +21.98%) [3]. Financial Summary - H1 2024 revenue was 264 million yuan, with a gross margin of 71.73% and a net margin of 47.14% [3]. - The company’s sales expense ratio was 10.58%, management expense ratio was 9.11%, and R&D expense ratio was 9.79% [3]. - The company’s total market capitalization is 4.315 billion yuan, with a circulating market capitalization of 2.168 billion yuan [1].