美亚光电：静待口腔行业景气复苏

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 15.40 [1]. Core Views - The company reported a revenue of RMB 930 million for the first half of the year, a year-on-year decrease of 4%, and a net profit attributable to shareholders of RMB 272 million, down 21% year-on-year. However, Q2 showed a revenue increase of 7% year-on-year, reaching RMB 600 million, with a net profit of RMB 170 million, down 23% year-on-year. After adjusting for a foreign exchange loss of RMB 40 million, the decline was approximately 6% [1][2]. - Due to the overall pressure on the domestic dental medical industry, the demand for CBCT (Cone Beam Computed Tomography) is below expectations, leading to a downward revision of revenue and gross margin forecasts for 2024-2026. The profit forecasts for these years have been adjusted to RMB 680 million, 750 million, and 820 million, representing reductions of 18%, 20%, and 18% respectively [1][3]. Summary by Sections Financial Performance - The company achieved a gross margin of 50.88% and a net margin of 29.23% in the first half of the year, down 1.6 and 6.6 percentage points year-on-year respectively. The gross margins for the color sorting machine and medical CBCT were down 1.4 and 4.2 percentage points respectively, primarily due to intensified competition in the industry [3]. - The company’s revenue from color sorting machines, medical CBCT, and X-ray industrial inspection machines saw year-on-year changes of +14%, -32%, and -22% respectively. The overseas revenue for color sorting machines increased by 15% year-on-year [2][3]. Product Development - The company actively responded to the decline in CBCT demand by upgrading its products. New technologies such as the PD-MAR imaging technology and the "Meiya Meiya" digital dental health cloud platform were introduced, enhancing capabilities in image processing and diagnosis [2]. - A new mobile CT product received regulatory approval and is expected to perform well in the market [2]. Market Position and Valuation - The company’s PE ratios for 2024, 2025, and 2026 are projected at 18, 17, and 15 respectively, compared to an average PE of approximately 28 for comparable companies in 2024. Given the lower compound profit growth rate compared to peers, a PE of 20 times is assigned for 2024, leading to a target price of RMB 15.40, down from a previous estimate of RMB 21.40 [1][3].