美亚光电：2024半年报点评：Q2收入增速回正，关注齿科需求恢复节奏

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][4]. Core Views - The company's Q2 revenue growth has turned positive year-on-year, although the overall performance has been impacted by foreign exchange losses. The Q2 revenue reached 599 million yuan, representing a year-on-year increase of 6.87%, while the net profit attributable to shareholders was 171 million yuan, down 22.71% year-on-year [1]. - The report highlights the company's focus on expanding its market presence and R&D investment in the dental medical sector, which is expected to benefit from the aging population and a potential recovery in demand [1][2]. - The color selection machine business is performing well, contributing significantly to the company's revenue, while the medical equipment segment is gradually recovering despite facing challenges [2][4]. Summary by Sections Financial Performance - In H1 2024, the company achieved a total revenue of 930 million yuan, a decrease of 3.83% year-on-year, and a net profit of 272 million yuan, down 21.48% year-on-year. The gross margin was 50.88%, a decline of 1.62 percentage points year-on-year [1][4]. - The company’s revenue from the color selection machine, medical equipment, and industrial testing segments were 645 million, 205 million, and 64 million yuan respectively, with year-on-year changes of +14.40%, -32.27%, and -21.77% [1][2]. Market Outlook - The report anticipates that the company will see revenue growth from 2.49 billion yuan in 2024 to 3.28 billion yuan in 2026, with corresponding net profits expected to rise from 710 million yuan to 917 million yuan during the same period [4][5]. - The company is expected to maintain a cautious optimism regarding the medical equipment sector, with new product registrations such as spinal surgery navigation devices and mobile CT expected to drive future growth [2][4]. Valuation Metrics - The report provides a forecast for the company's P/E ratio, which is projected to decrease from 16.28 in 2024 to 12.60 in 2026, indicating an improving valuation as earnings are expected to grow [4][5].