SINOMED(SH:688108) Soochow Securities·2024-08-22 17:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 213.7 million yuan in H1 2024, representing a year-on-year increase of 32.5%, with a net profit of 7.7 million yuan, up 125.9% [2] - The company has shown a continuous improvement in profitability, with cost control measures leading to a lower increase in operating costs compared to revenue growth [2] - The neurointerventional segment is expected to grow, with the intracranial self-expanding stent projected to become a billion-level product, anticipated to receive approval by the end of 2024 [2][3] - The coronary intervention segment saw significant growth, with revenue reaching 122.5 million yuan in H1 2024, a 70.8% increase, driven by successful bidding in national procurement [3] - The report forecasts revenues of 493 million yuan, 811 million yuan, and 1,156 million yuan for 2024, 2025, and 2026 respectively, with net profits of 16 million yuan, 91 million yuan, and 219 million yuan for the same years [3] Financial Summary - The company achieved a total revenue of 343.26 million yuan in 2023, with projections of 493.01 million yuan in 2024, 810.97 million yuan in 2025, and 1,156.25 million yuan in 2026 [1][9] - The net profit for 2023 was projected at -39.63 million yuan, with expectations of 16.31 million yuan in 2024, 91 million yuan in 2025, and 218.58 million yuan in 2026 [1][9] - The report indicates a significant improvement in gross margin, expected to rise from 58.92% in 2023 to 64.90% in 2026 [10]