Sanxin Medtec(SZ:300453) Huaan Securities·2024-08-12 11:26Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's mid-year performance for 2024 met expectations, with growth driven by centralized procurement and international expansion [1] - The blood purification segment showed significant growth, with revenue reaching 522.51 million yuan, a year-on-year increase of 25.55%, accounting for 76.11% of total revenue [1][4] - The company is expanding its product lines to cover the entire cycle of kidney disease treatment, from early to late stages, enhancing its market position [4] Financial Performance - In the first half of 2024, the company achieved operating revenue of 686.45 million yuan, a year-on-year increase of 18%, with net profit attributable to shareholders of 106.25 million yuan, also up 18.74% year-on-year [1] - The company expects revenues of 1.497 billion yuan, 1.709 billion yuan, and 2.013 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 15.1%, 14.2%, and 17.7% [5][6] - The gross profit margin for the blood purification segment improved to 33.89%, up 2.03 percentage points from the same period in 2023 [1] Market Opportunities - There is significant room for domestic substitution in the blood dialysis equipment market, with the government policies favoring local manufacturers [3] - The company has established a comprehensive marketing network covering 31 provinces and municipalities, providing services to over 5,000 hospitals and dialysis centers [1][4] Product Development - The company is actively developing new products for early and mid-stage kidney disease interventions, including innovative devices for non-invasive treatments [4] - The company has received regulatory approval for several products, including the first domestic registration for a disposable dialysis needle, breaking the import monopoly [4] Future Outlook - The company is expected to maintain a steady growth trajectory, with projected net profits of 234 million yuan, 265 million yuan, and 311 million yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 13.2%, 13.5%, and 17.1% [5][6]