JAFRON(SZ:300529)2024-08-14 02:39Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [5]. Core Insights - The company achieved significant growth in the first half of 2024, with total revenue reaching 1.496 billion yuan, a year-on-year increase of 47.77%. The sales revenue from blood perfusion and adsorption products was 1.401 billion yuan, up 87.35% year-on-year. The net profit attributable to shareholders was 553 million yuan, reflecting a 99.10% increase [4][5]. - Despite price reductions in its core renal products, the company still experienced high growth, with sales of the HA130 blood perfusion device increasing by 67% and sales volume rising by 127% year-on-year. New products, including the KHA series, have been adopted by over 500 hospitals, with a sales revenue increase of 180% [4]. - The company continues to invest in research and development, with R&D expenses amounting to 113 million yuan, representing 7.54% of total revenue. Recent advancements include obtaining EU MDR certification for key products and significant research outcomes presented at the APASL conference [4]. Financial Summary - For 2024, the company is projected to generate total revenue of 3.021 billion yuan, with a year-on-year growth rate of 57.1%. The net profit is expected to reach 1.119 billion yuan, reflecting a 156.4% increase [5][7]. - The gross margin for the first half of 2024 was 80.54%, with the gross margin for blood perfusion products at 84.46%. The return on equity (ROE) for the same period was 18.2% [5][7]. - The earnings per share (EPS) for 2024 is estimated at 1.39 yuan, with projected EPS for 2025 and 2026 at 1.82 yuan and 2.23 yuan, respectively [5][7].