Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown signs of a business turning point, with mid-year performance exceeding expectations. In H1 2024, the company achieved operating revenue of 706 million yuan, a year-on-year decrease of 6.33%, and a net profit attributable to shareholders of 169 million yuan, a year-on-year decrease of 29.78% [1] - In Q2 2024, the company reported operating revenue of 425 million yuan, a year-on-year increase of 9.83%, and a net profit attributable to shareholders of 111 million yuan, a year-on-year decrease of 16.14% [1] - The company is consolidating its core business in home ventilator components and cochlear implant components, with inventory pressure from ventilator components gradually alleviated since Q2 2023 [1] - The company is increasing R&D investment and enhancing innovation capabilities, achieving breakthroughs in automation technology, extrusion technology, and multi-cavity mold technology [1] - The insulin pen business is progressing steadily with related clients, indicating promising future growth [1] Financial Performance and Forecast - The company expects revenues of 1.693 billion yuan in 2024, 2.116 billion yuan in 2025, and 2.659 billion yuan in 2026, with year-on-year growth rates of 26.5%, 25.0%, and 25.7% respectively [3] - Net profit attributable to shareholders is projected to be 397 million yuan in 2024, 505 million yuan in 2025, and 641 million yuan in 2026, with year-on-year growth rates of 26.6%, 27.2%, and 27.0% respectively [3] - The company’s EPS is expected to be 0.98 yuan in 2024, 1.24 yuan in 2025, and 1.58 yuan in 2026 [3] - The P/E ratios for 2024, 2025, and 2026 are projected to be 26x, 20x, and 16x respectively [3] Business Strategy - The company is actively implementing a production base strategy to enhance service quality and response speed to global clients, with multiple production bases' capacities being further released in H1 2024 [1] - The company is expanding its production capacity in Huizhou and Malaysia, and is constructing a new production base in Malaysia to strengthen its global supply chain layout [1]
美好医疗：公司业务拐点显现，中报业绩超预期