乐心医疗：1H24净利同比高增，毛利率提升显著

Investment Rating - Maintain Buy rating with a target price of RMB 13.70 [1][3] Core Views - The company achieved significant growth in 1H24, with revenue reaching RMB 499 million (yoy +29.63%) and net profit attributable to the parent company of RMB 34.85 million (yoy +303.72%) [1] - Q2 revenue was RMB 250 million (yoy +12.56%, qoq +0.50%), with net profit attributable to the parent company of RMB 21.18 million (yoy +2.19%, qoq +55.02%) [1] - The company is expected to achieve revenue of RMB 1.19 billion, RMB 1.53 billion, and RMB 1.93 billion in 2024, 2025, and 2026, respectively [1][3] Business Performance - Home medical products revenue reached RMB 348 million (yoy +32.13%), with gross margin increasing by 7.67pp [1] - Home health products revenue was RMB 108 million (yoy +53.64%), with gross margin increasing by 13.31pp [1] - Smart wearable products revenue was RMB 5.51 million (yoy -62.71%), but gross margin increased by 59.69pp [1] - Overall gross margin increased by 8.27pp to 36.61%, and net margin increased by 4.42pp to 6.60% in 1H24 [1] Strategic Development - The company is expanding its overseas sales and enriching its product portfolio, with a focus on medical-grade IoT devices and RPM solutions [2] - The company is entering new markets in the Middle East, Africa, and Southeast Asia, in addition to its existing presence in Europe and the US [2] - The digital ECG business is gradually establishing its service and business models in South China and West China, aiming to create a second growth curve [2] Financial Forecasts - Revenue is expected to grow at a CAGR of 34.26%, 29.14%, and 26.11% in 2024, 2025, and 2026, respectively [4] - Net profit attributable to the parent company is forecasted to be RMB 60.56 million, RMB 78.39 million, and RMB 97.45 million in 2024, 2025, and 2026, respectively [4] - EPS is projected to be RMB 0.28, RMB 0.36, and RMB 0.45 in 2024, 2025, and 2026, respectively [4] Valuation - The company is valued at 2.5x PS for 2024, based on the average PS of comparable companies at 2.22x [1][3] - The target price of RMB 13.70 is maintained, reflecting the company's growth potential in overseas markets and product structure optimization [3]