AUTEK(SZ:300595) Guotai Junan Securities·2024-08-15 23:38Investment Rating - The report maintains a cautious buy rating for the company [5][7]. Core Views - The company's performance for H1 2024 is in line with expectations, achieving revenue of 883 million yuan (+13.21%) and a net profit of 324 million yuan (+4.42%) [5]. - The company has adjusted its EPS forecasts for 2024-2026 to 0.80, 0.92, and 1.06 yuan respectively, down from previous estimates of 0.86, 0.99, and 1.14 yuan [5]. - The target price for 2024 is set at 17.60 yuan, based on a PE ratio of 22x [5]. Revenue Breakdown - Revenue from the company's core product,角塑, was 373 million yuan (-3%), impacted by weak high-end consumption and increased competition [5]. - Nursing products generated 117 million yuan (-4%), with a notable increase in gross margin by 6.66 percentage points to 60.65% due to strong promotion of self-produced nursing products [5]. - Revenue from other optical products and technical services reached 161 million yuan (+44.28%), driven by strong growth in non-focus frame glasses [5]. - Medical services revenue was 191 million yuan (+46%), attributed to rapid growth from newly consolidated hospitals, although gross margin decreased by 8.81 percentage points to 64.97% [5]. Cost and Profitability - The company's gross margin for H1 2024 was 73.77% (-1.8 percentage points), primarily due to a decrease in the proportion of high-margin角塑 revenue [5]. - The increase in sales and marketing expenses has temporarily affected the net profit margin, with sales expenses rising due to the addition of sales and technical support personnel [5]. Product Development - The company has a rich pipeline of products under development, including new generation角塑 materials, multifocal soft lenses, lubricants, nursing liquids, and eye comfort devices, indicating significant growth potential [5].