佰仁医疗2024中报点评：业绩稳健，研发管线进入收获期

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 111.83 CNY [4][2] Core Insights - The company demonstrated strong operational resilience with a revenue of 191 million CNY in H1 2024, reflecting a year-on-year growth of 13.7%. All three business segments reported revenue growth, with specific increases of 18.8% in valve replacement and repair, 11.0% in congenital heart disease interventions, and 10.3% in soft tissue repair. The core product, the bovine pericardial valve, saw a sales increase of 20.6% [1][2] - Despite a challenging market environment due to macroeconomic conditions and pressure from medical insurance payments, the company maintained a robust performance in surgical volumes, contributing positively to revenue. However, the net profit attributable to the parent company decreased by 20.4% year-on-year to 35 million CNY, primarily due to high R&D investments and share-based payments. The company continues to expect a revenue growth rate of 30-40% for the full year [1][2] - The company is solidifying its R&D efforts, with R&D expenses reaching approximately 75.22 million CNY in H1 2024, a significant increase of 110.8% year-on-year, accounting for 39.5% of revenue. The company is focused on basic research and the development of innovative products, with several products currently undergoing regulatory review [1][2] Financial Summary - The company reported a revenue of 295 million CNY in 2022, which increased to 371 million CNY in 2023, and is projected to reach 497 million CNY in 2024, representing a year-on-year growth of 34.0%. The net profit attributable to the parent company is expected to grow from 95 million CNY in 2022 to 161 million CNY in 2024 [3][8] - The gross margin is projected to improve from 89.4% in 2022 to 91.8% in 2024, while the net profit margin is expected to stabilize around 32.4% in 2024 [3][8] - The company has achieved a return on equity (ROE) of 9.1% in 2022, which is expected to rise to 13.1% by 2024, indicating improved profitability and efficiency [3][8]