Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved revenue of 147 million yuan in H1 2024, representing a growth of 1.58%, and a net profit attributable to the parent company of 10.43 million yuan, an increase of 25.77%. The gross margin improved to 40.65%, up by 3.05 percentage points. The revenue growth is attributed to enhanced operational capabilities and a user-centered approach to product development [2][3] - The company is expanding its product matrix in biomedical automation equipment and has a strong momentum in both domestic and international markets. The overseas revenue reached 40.73 million yuan in H1 2023, a year-on-year increase of 42.24% [4] Financial Summary - Revenue (million yuan): 2022A: 406, 2023A: 303, 2024E: 349, 2025E: 405, 2026E: 495 [6] - Net profit (million yuan): 2022A: 53, 2023A: 16, 2024E: 39, 2025E: 48, 2026E: 61 [6] - Gross margin (%): 2022A: 38.2, 2023A: 38.3, 2024E: 38.5, 2025E: 38.9, 2026E: 39.6 [7] - Earnings per share (EPS): 2022A: 0.54, 2023A: 0.17, 2024E: 0.40, 2025E: 0.50, 2026E: 0.63 [6][7] - Current stock price is 8.30 yuan, with a market capitalization of 803 million yuan [5] Product Development - The company has made breakthroughs in ultra-low temperature refrigeration technology and has developed new products that meet GMP standards, including clean workstations and upgraded blood storage boxes. It is also exploring automation technology applications in ultra-low temperature environments [3] Market Expansion - The company is actively expanding its user coverage and enhancing market competitiveness, with a focus on overseas market channel development. It participates in international exhibitions to promote its main products and new offerings [4]
中科美菱：北交所信息更新：拓展生物医疗自动化设备矩阵，海内外开拓势头强劲