NovelBeam Technology(688677) 国泰君安·2024-08-16 08:42Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company's performance is under pressure due to inventory impacts from U.S. customers, but improvement is expected in the second half of the year as hysteroscopes ramp up production and overall machine sales increase [2]. - For H1 2024, the company achieved revenue of 220 million yuan (down 17.7%) and a net profit attributable to shareholders of 70.55 million yuan (down 21.0%) [2]. - The revenue for Q2 2024 was 103 million yuan (down 13.91%), with a net profit of 32.11 million yuan (down 21.43%) [2]. - The company has adjusted its EPS forecasts for 2024-2026 to 1.57, 1.97, and 2.38 yuan respectively, and has set a target price of 39.25 yuan based on a PE of 25x for 2024 [2]. Financial Summary - In 2024E, the company is projected to achieve revenue of 567 million yuan, a 20.4% increase from 2023, with a net profit of 189 million yuan, reflecting a 29.8% increase [3]. - The gross margin for H1 2024 was 64.09%, remaining stable year-on-year [2]. - The company’s net asset return rate is expected to improve from 11.3% in 2023 to 13.5% in 2024 [3]. Business Performance - The endoscope business generated revenue of 176 million yuan in H1 2024, down 16.74%, but showed a 10% increase quarter-on-quarter [2]. - The optical products segment reported revenue of 42.68 million yuan, down 23.1%, but is expected to stabilize with recovering orders from downstream customers [2]. - The company is focused on continuous product development, with plans for mass production of new hysteroscopes and other surgical instruments in H2 2024 [2].