MYL(600993) 国海证券·2024-08-26 12:27Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's revenue for 2024H1 reached 1,928 million yuan, a year-on-year increase of 17.52%, with net profit attributable to the parent company of 312 million yuan, up 10.85% year-on-year [3] - The company's non-GAAP net profit was 309 million yuan, a significant increase of 38.32% year-on-year [3] - The company's operating cash flow for 2024H1 was 225 million yuan, returning to normal levels [4] - The company's parent company revenue for 2024H1 was 1,001 million yuan, a year-on-year increase of 17.52%, with hemorrhoid product revenue growing by 22.02% [4] - The company's health business revenue grew by 33.27% year-on-year in 2024H1, driven by the rapid growth of eye care products and hygiene wipes [4] Financial Forecasts - Revenue forecasts for 2024-2026 are adjusted to 3,665/4,202/4,865 million yuan, with net profit attributable to the parent company forecasted at 562/647/747 million yuan [2] - The corresponding PE ratios for the current stock price are 20/17/15 times for 2024-2026 [2] - The company's ROE is expected to be 12%/13%/14%/14% for 2023A-2026E [5] - The company's gross margin is expected to increase from 42% in 2023A to 45% in 2026E [5] - The company's revenue growth rate is forecasted to be 17%/15%/16% for 2024E-2026E [5] Business Performance - The company has deepened its channel marketing reform, strengthening retail channel terminal sales and exploring the potential of third- and fourth-tier markets [4] - The company has accelerated the construction of its medical service network, adding 9 new anorectal diagnosis and treatment centers, bringing the total to 89 [4] - The company has organized large-scale巡回义诊 (mobile medical services) and双术交流 (surgical exchange) activities to empower its hemorrhoid drug business [4] Market Data - The company's current stock price is 25.91 yuan, with a total market capitalization of 11,168.61 million yuan and a circulating market capitalization of 11,149.25 million yuan [4] - The company's total share capital is 431.05 million shares, with a circulating share capital of 430.31 million shares [4] - The company's average daily trading volume is 79.44 million yuan [1]