HAIER BIOMEDICAL(688139) 东吴证券·2024-08-23 05:30Investment Rating - Buy (Maintained) [1] Core Views - The company's overseas projects are under pressure due to delays in the execution of solar vaccine solution orders, leading to a 50% decline in storage-related business [2] - Excluding the impact of the solar vaccine solution, the company's low-temperature storage business remained flat compared to the same period last year [2] - The company's non-storage revenue grew by 22.7% YoY in H1 2024, accounting for 42.6% of total revenue [2] - The company's gross margin in H1 2024 was 48.3%, but would have been 50.1% if adjusted for the new accounting standards [2] - The company's revenue and net profit in H1 2024 showed positive marginal changes, with revenue increasing by 21% QoQ and net profit increasing by 84% QoQ [3] - The company's overseas business in Europe and Asia-Pacific grew by over 30% YoY in H1 2024, excluding the impact of the solar vaccine solution [3] - The company's domestic public health and plasma station digital services are recovering, with over 400 new vaccination sites established [3] Financial Forecasts and Valuation - Revenue for 2024E, 2025E, and 2026E is forecasted to be 2,628 million, 3,127 million, and 3,674 million respectively, with YoY growth rates of 15.2%, 19.0%, and 17.5% [1] - Net profit attributable to the parent company for 2024E, 2025E, and 2026E is forecasted to be 508.83 million, 631.41 million, and 755.06 million respectively, with YoY growth rates of 25.31%, 24.09%, and 19.58% [1] - EPS for 2024E, 2025E, and 2026E is forecasted to be 1.60, 1.99, and 2.37 respectively [1] - The current P/E ratio is 17.86x for 2024E, 14.39x for 2025E, and 12.03x for 2026E [1] Business Performance - In H1 2024, the company's revenue was 1,223 million (-3.7% YoY), with net profit attributable to the parent company of 234 million (-15.8% YoY) [2] - In Q2 2024, the company's revenue was 536 million (-8.12% YoY), with net profit attributable to the parent company of 97 million (-31.4% YoY) [2] - The company's life science business revenue in H1 2024 was 610 million (+2.3% YoY), while the medical innovation business revenue was 610 million (-9.0% YoY) [2] - Domestic revenue in H1 2024 was 892 million (+6.9% YoY), while overseas revenue was 330 million (-24.2% YoY) [2] Market Data - The closing price of the company's stock is 28.58 yuan [5] - The company's market capitalization is 9,087.08 million [5] - The P/B ratio is 2.14x [5]