Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 231.12 CNY [4][7]. Core Views - The company has shown significant growth in revenue and net profit for the first half of 2024, with revenue reaching 603 million CNY, a 90.59% increase year-on-year, and net profit at 310 million CNY, up 182.88% [1]. - The company is expected to maintain strong growth rates in the coming years, with projected revenue growth rates of 64.5%, 36.9%, and 34.6% for 2024, 2025, and 2026 respectively, and net profit growth rates of 70.6%, 41.3%, and 39.8% [7]. Financial Performance - In H1 2024, the company achieved a net profit margin of 51.35%, an increase of 16.75 percentage points, and a gross margin of 91.58%, up 2.43 percentage points [2]. - The operating cash flow for H1 2024 was 356 million CNY, reflecting a substantial increase of 323.66% [1]. Business Segments - The medical device segment generated revenue of 531 million CNY, a 91.84% increase, with a gross margin of 94.43% [3]. - The functional skincare products segment reported revenue of 48 million CNY, up 53.94%, with a gross margin of 64.76% [3]. - Revenue from raw materials reached 24 million CNY, a significant increase of 180.07%, with a gross margin of 83.03% [3]. Market Position - The company has expanded its terminal channel coverage, reaching approximately 3,000 end institutions, which has contributed to its rapid growth in the medical device sector [3]. - The company has successfully built a product matrix and focused on direct sales for channel expansion, enhancing its market presence [3].
锦波生物：Q2业绩落在预告上限，全年增长可期