三星医疗：Q2业绩超预期，配用电&医疗齐发力

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [10]. Core Viewpoints - The company reported a revenue of 7.0 billion RMB for the first half of 2024, representing a year-on-year increase of 26.1%, and a net profit attributable to shareholders of 1.15 billion RMB, up 32% year-on-year [2]. - The gross margin improved to 34.6%, an increase of 3.5 percentage points year-on-year, with Q2 revenue reaching 3.97 billion RMB, a 20.4% increase year-on-year [2]. - The company's smart power distribution business saw significant growth, with revenue of 5.38 billion RMB in the first half of 2024, up 26% year-on-year, and net profit of 970 million RMB, up 29% year-on-year [3]. - The medical services segment also performed well, generating revenue of 1.613 billion RMB, a 26.53% increase year-on-year, with rehabilitation medical services revenue growing by 36.54% [3]. - The company is expected to achieve revenues of 14.683 billion RMB, 18.569 billion RMB, and 22.539 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 2.382 billion RMB, 2.979 billion RMB, and 3.617 billion RMB [3]. Summary by Sections Performance Review - In the first half of 2024, the company achieved a revenue of 7.0 billion RMB, a 26.1% increase year-on-year, and a net profit of 1.15 billion RMB, a 32% increase year-on-year [2]. - The gross margin for the period was 34.6%, reflecting a 3.5 percentage point increase from the previous year [2]. Operational Analysis - The smart power distribution business saw a revenue of 5.38 billion RMB, with a net profit of 970 million RMB, and a backlog of orders totaling 14.89 billion RMB, a 26% increase year-on-year [3]. - The medical services segment reported a revenue of 1.613 billion RMB, with rehabilitation services growing by 36.54% [3]. Profit Forecast, Valuation, and Rating - The company is projected to achieve revenues of 14.683 billion RMB in 2024, 18.569 billion RMB in 2025, and 22.539 billion RMB in 2026, with net profits of 2.382 billion RMB, 2.979 billion RMB, and 3.617 billion RMB, respectively [3]. - The current stock price corresponds to a PE valuation of 18, 14, and 12 times for the years 2024, 2025, and 2026 [3].