鱼跃医疗：高基数影响表观业绩，血糖及海外表现亮眼

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company reported a revenue of 4.308 billion yuan for H1 2024, a year-on-year decrease of 13.50%, and a net profit attributable to shareholders of 1.120 billion yuan, down 25.02% year-on-year. The core business segments, particularly blood glucose management and overseas expansion, showed strong performance [9][10] - The diabetes care solutions revenue reached 562 million yuan, marking a year-on-year growth of 54.94%, while overseas sales revenue was 479 million yuan, up 30.19% year-on-year [9][10] Financial Performance Summary - For H1 2024, the company achieved a gross margin of 50.06%, which is a slight decrease of 1.62 percentage points year-on-year. The sales, management, and R&D expense ratios increased compared to the previous year [9][10] - The company forecasts revenues of 8.564 billion yuan, 10.005 billion yuan, and 11.595 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7.44%, 16.82%, and 15.90% [10][12] - The projected net profits for the same years are 2.091 billion yuan, 2.405 billion yuan, and 2.825 billion yuan, with growth rates of -12.72%, 15.01%, and 17.49% respectively [10][12] Business Segment Performance - The respiratory therapy solutions segment generated 1.642 billion yuan in revenue, a year-on-year decline of 28.88%. However, the sales of nebulizers and home ventilators showed good growth [9][10] - The emergency rescue segment reported revenue of 108 million yuan, reflecting a year-on-year increase of 34.66% [9][10] Market Position and Outlook - The company is positioned as a leading player in the home medical device sector, benefiting from an aging population and the expansion of new products like Continuous Glucose Monitoring (CGM) systems and overseas business [9][10]