JAFRON(SZ:300529) Southwest Securities·2024-08-11 15:18Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 1.496 billion yuan, a year-on-year growth of 47.8%, and net profit attributable to shareholders increasing by 99.1% to 550 million yuan [2]. - The company has improved its channel inventory and achieved a recovery in performance, with Q1 and Q2 revenues of 740 million yuan and 750 million yuan respectively, reflecting growth rates of 30% and 70.9% [2]. - The company has seen notable growth in its nephrology, hepatology, and critical care sectors, with the nephrology segment's revenue increasing by 84% in H1 2024 [2]. - The gross profit margin for H1 2024 was reported at 80.5%, with a net profit margin of 36.8%, indicating improved profitability [2]. Financial Performance Summary - The company forecasts net profits of 1.057 billion yuan, 1.471 billion yuan, and 1.845 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 142.34%, 39.02%, and 25.71% [3]. - The projected revenue for 2024 is 3.043 billion yuan, with a growth rate of 58.31% compared to 2023 [4]. - The company’s earnings per share (EPS) is expected to rise from 0.54 yuan in 2023 to 1.31 yuan in 2024 [4]. Business Segment Performance - The company has established a comprehensive product system in the nephrology field, with significant revenue contributions from its HA series blood purification products, which have been in clinical use for 20 years and are now available in over 6,000 hospitals [2]. - The KHA series, specifically designed for uremia, saw a revenue increase of 180% in H1 2024, covering over 500 hospitals [2]. - The hepatology segment has expanded to over 2,000 hospitals, with a revenue increase of 112% in H1 2024 [2]. - The company’s blood purification equipment, including the DX-10 blood purification machine, has been installed in nearly 4,000 units across 1,800 hospitals, achieving a market share of 21.43% in the CRRT device segment [2]. Market Outlook - The company is actively expanding its overseas market presence, with a 64% increase in revenue from international operations in H1 2024 [2]. - The company anticipates continued growth in sales volume for its blood purification products, with projected growth rates of 67%, 36%, and 22% for the years 2024 to 2026 [6].