三星医疗：配电出海接连突破，盈利能力持续提升

Investment Rating - The investment rating for the company is "Outperform the Market" [4][9] Core Views - The company has achieved significant revenue and profit growth in the first half of 2024, with revenue reaching 6.997 billion yuan, a year-on-year increase of 26.11%, and net profit of 1.15 billion yuan, up 32.23% year-on-year [5][8] - The company has successfully expanded its overseas distribution business, securing its first orders in the European and American markets, indicating a strong focus on high-end markets in the Middle East, Europe, and America [2][8] - The company has a robust order backlog, with total orders reaching 14.894 billion yuan, a year-on-year increase of 25.74%, including overseas orders of 6.22 billion yuan, up 40.47% year-on-year [8] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 6.997 billion yuan, a 26.11% increase year-on-year, and a net profit of 1.15 billion yuan, reflecting a 32.23% year-on-year growth [5][8] - The gross profit margin for the first half of 2024 was 34.61%, an increase of 3.49 percentage points year-on-year, while the net profit margin was 16.49%, up 0.76 percentage points year-on-year [5][8] Operational Highlights - The company has established five overseas production bases in Brazil, Indonesia, Poland, Germany, and Mexico, with overseas production capacity accounting for approximately 50% of total capacity [8] - The company has made progress in the German market, securing small batch orders, and is upgrading automation in its Brazilian factory to enhance efficiency and reduce costs [8] Market Expansion - The company has focused on high-end markets, achieving its first distribution orders in Europe and America, including a 466 million yuan transformer project in Greece and a 79 million yuan transformer project in Mexico [2][8] - The company’s medical services segment also showed strong growth, with revenue of 1.613 billion yuan in the first half of 2024, a 26.53% increase year-on-year [8]