Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - In the first half of 2024, the company achieved operating revenue of 706 million yuan, a year-on-year decrease of 6.33%. The net profit attributable to the parent company was 169 million yuan, down 29.78% year-on-year. In Q2 2024, the company reported revenue of 425 million yuan, a year-on-year increase of 9.83%, with a net profit of 111 million yuan, down 16.14% year-on-year. The improvement in Q2 performance is attributed to the gradual reduction of inventory destocking effects from overseas customers of home respiratory machines, narrowing the decline in core business, and orderly progress in new business expansion [2][6]. Summary by Sections Financial Performance - In H1 2024, the core business of home respiratory machine components generated revenue of 448 million yuan, a year-on-year decline of 11.89%, which is an improvement compared to the decline of 18.12% in 2023. The revenue and profit in Q2 showed significant quarter-on-quarter improvement, with gross margin and net margin at 42.85% and 26.16%, respectively, both up from Q1 [6][7]. Revenue Growth Drivers - The company reported revenue of 78.9 million yuan from home and consumer electronics components, a year-on-year increase of 36.60%. Revenue from artificial cochlear implant components was 64.64 million yuan, up 12.08% year-on-year. Other medical product components generated revenue of 49.04 million yuan, a 14.92% increase year-on-year. The company is actively enhancing R&D investment and expanding into new fields such as cardiovascular intervention, electrophysiology, in vitro diagnostics, blood glucose management, and surgery [6][7]. Future Projections - The company forecasts operating revenues of 1.658 billion yuan, 2.055 billion yuan, and 2.526 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 23.98%, 23.90%, and 22.92%. The net profit attributable to the parent company is projected to be 403 million yuan, 501 million yuan, and 636 million yuan for the same years, with growth rates of 28.70%, 24.26%, and 26.88%, respectively. The EPS is expected to be 0.99 yuan, 1.23 yuan, and 1.56 yuan, with a three-year CAGR of 26.60% [6][7].
美好医疗：下游去库或迎拐点，Q2业绩环比改善