优利德：半年报业绩点评：归母净利润同比增长7%，毛利率持续改善

Investment Rating - The investment rating for the company is "Outperform the Market" [4][2][9] Core Views - The company has shown a year-on-year increase in net profit by 6.87% and a revenue growth of 3.54% in the first half of 2024, indicating improved profitability and a better product mix [1][2] - The company is positioned as a leading domestic electronic testing and measurement instrument manufacturer, with stable growth in its instrument business and significant growth in specialized instruments, benefiting from industry upgrades and domestic substitution trends [2][4] - The company has initiated a stock incentive plan and is establishing overseas production bases to strengthen its foundation for high-quality development [1][2] Financial Performance Summary - In the first half of 2024, the company achieved a revenue of 564 million yuan, with a gross profit margin of 44.74%, reflecting a year-on-year increase of 3.17 percentage points [1][3] - The company's net profit for the first half of 2024 was 103 million yuan, with a net profit margin of 17.97%, up by 0.47 percentage points year-on-year [1][3] - The company expects net profits for 2024-2026 to be 206 million, 260 million, and 307 million yuan respectively, with corresponding P/E ratios of 14, 11, and 10 times [2][3] Business Segment Performance - The gross profit margins for testing instruments, general instruments, and temperature and environmental testing instruments improved to 43.20%, 45.77%, and 43.33% respectively in the first half of 2024 [1][3] - Specialized instruments saw a revenue increase of 62.88% to 44 million yuan, although the gross profit margin decreased by 4.36 percentage points to 46.73% [1][3] Future Outlook - The company plans to launch new high-end products and upgrade its economical instruments to enhance its market position [1][2] - The establishment of a production base in Vietnam is expected to commence operations in Q4 2024, contributing to a global production and supply chain network [1][2]