Hefei Meiya Optoelectronic Technology (SZ:002690) ZHESHANG SECURITIES·2024-08-22 08:23Investment Rating - The investment rating for the company is "Buy" [3] Core Views - The company's performance in H1 2024 showed a revenue of 930 million yuan, a year-over-year decrease of 3.8%, and a net profit attributable to shareholders of 270 million yuan, down 21.5% year-over-year. However, Q2 2024 saw a revenue increase to 600 million yuan, up 6.9% year-over-year, indicating a positive trend [2][3] - The company is experiencing a recovery in its operational status since Q2 2024, with revenue growth driven by its color sorting machine and export businesses, while the medical-related business is gradually recovering despite facing challenges [2][3] - The color sorting machine segment generated 640 million yuan in revenue in H1 2024, reflecting a year-over-year growth of 14.4%. The company has launched several innovative products, enhancing its competitive edge in both domestic and international markets [2][3] - The medical equipment segment, particularly the CBCT, reported a revenue of 210 million yuan in H1 2024, down 32.3% year-over-year. However, new product launches and market recovery are expected to drive growth in this segment [2][3] Summary by Sections Performance Analysis - H1 2024 revenue was 930 million yuan, with a net profit of 270 million yuan, showing a decline compared to the previous year. Q2 2024 revenue was 600 million yuan, indicating a positive trend [2] - The company’s gross margin for H1 2024 was 50.9%, a decrease of 1.6 percentage points year-over-year, while the net profit margin was 29.2%, down 6.6 percentage points year-over-year [2] Growth Potential - The color sorting machine business is expected to continue its stable growth, supported by new technologies and products. The medical equipment segment is anticipated to recover as market conditions improve [2][3] Profitability Forecast - EPS for 2024-2026 is projected to be 0.83, 0.95, and 1.09 yuan respectively, with a current PE ratio of 17.1 times for 2024. The company is expected to maintain stable growth in its core businesses [2][3]