Investment Rating - The investment rating for the company is "Outperform the Market" [4][14]. Core Views - The company's Q2 2024 performance showed significant quarter-on-quarter growth, with revenue and net profit increasing by 51% and 91% respectively compared to Q1 2024, as the inventory destocking impact from downstream customers gradually cleared [1][6]. - The core business of home respiratory machine components is expected to stabilize, while new business segments are showing good growth trends, with revenue from cochlear implants increasing by 12.1% and consumer electronics components by 36.6% in H1 2024 [1][12]. - The company has diversified its business structure, reducing the revenue contribution from the core home respiratory machine components to 64% [1][12]. Financial Performance Summary - In H1 2024, the company achieved revenue of 706 million yuan, a decrease of 6.33% year-on-year, and a net profit of 169 million yuan, down 29.78% year-on-year. However, Q2 2024 revenue was 425 million yuan, reflecting a 9.83% increase from Q1 2024 [1][6]. - The company forecasts revenue growth of 25% for 2024, with projected revenues of 1.67 billion yuan, 2.08 billion yuan, and 2.56 billion yuan for 2024, 2025, and 2026 respectively [2][14]. - The projected net profit for the same years is 392 million yuan, 487 million yuan, and 601 million yuan, with a consistent growth rate of 25% [2][14]. Production Capacity and Incentives - The company has further released production capacity across multiple bases, with significant expansions in the Huizhou production base and successful completion of phases one and two in Malaysia [2][14]. - A stock incentive plan was introduced in April 2024, with ambitious growth targets for revenue and net profit set for 2024 to 2026, indicating strong confidence in future performance [2][14].
美好医疗：业绩环比增长显著，基石业务逐步企稳