麦澜德：2024Q2改善明显，生殖抗衰成为第二增长曲线

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant improvement in its performance, with reproductive anti-aging becoming a second growth curve [1] - In the first half of 2024, the company achieved revenue of 228 million yuan, representing a year-on-year increase of 11.73%, and a net profit attributable to shareholders of 7.3 million yuan, up 23.39% year-on-year [1] - The company is focusing on women's health and beauty, actively investing in reproductive rehabilitation and anti-aging products [1][2] Financial Performance - In Q2 2024, the company reported revenue of 124 million yuan, a year-on-year increase of 30.20%, and a net profit of 36 million yuan, up 37.28% year-on-year [1] - The gross profit margin for Q2 2024 was approximately 72.11%, with a net profit margin of about 30.41% [1] - The company’s revenue is expected to grow to 410 million yuan in 2024, with a year-on-year growth rate of 20.3% [3][5] Product Development - The company launched the industry-leading pelvic floor intelligent diagnosis and treatment system (PI-ONE system) in March 2024, which includes three new products for pelvic floor rehabilitation [2] - The company has developed a series of technologies, including electrophysiological technology, smart medical technology, and laser technology, to support its rehabilitation and anti-aging product lines [2] Market Potential - The company is addressing a significant market need, with a high prevalence of pelvic floor dysfunction among women in China, yet a low treatment rate [1] - The company has established partnerships with over 1,400 tertiary medical institutions and 4,700 secondary and primary hospitals, enhancing its market reach [1] Future Outlook - Revenue projections for 2024-2026 are 410 million yuan, 507 million yuan, and 629 million yuan, with corresponding net profits of 137 million yuan, 177 million yuan, and 219 million yuan [3][5] - The company is expected to maintain a high growth trajectory, driven by new product launches and expansion into the medical aesthetics business [3]