Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [4] Core Views - The company reported a revenue of 354 million yuan for H1 2024, representing a year-on-year growth of 22.29%. However, the net profit attributable to shareholders was 5.66 million yuan, a significant decline of 85.13%. Excluding share-based payments, the net profit attributable to shareholders was 47.74 million yuan [6][4] - The core business of endoscopic equipment generated revenue of 342 million yuan in H1 2024, showing a robust growth of 23.37% [6] - The company continues to invest heavily in research and development, with R&D expenses reaching 8.7 million yuan in H1 2024, an increase of 25.48% year-on-year, representing a R&D expense ratio of 24.70% [6] - The company maintains a high gross margin of 71.46%, although it has decreased by 4.82 percentage points year-on-year due to changes in accounting policies [6] Financial Performance Summary - For H1 2024, the company achieved a revenue of 354 million yuan, with a year-on-year growth of 22.29%. The net profit attributable to shareholders was 5.66 million yuan, down 85.13% year-on-year. Excluding share-based payments, the net profit was 47.74 million yuan [6] - The revenue for Q2 2024 was 184 million yuan, a year-on-year increase of 12.61%, while the net profit was 2.90 million yuan, down 86.52% year-on-year [6] - The company forecasts revenues of 1.032 billion yuan, 1.459 billion yuan, and 2.023 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 52.26%, 41.30%, and 38.70% [6][7] - The net profit attributable to shareholders is expected to be 75 million yuan, 133 million yuan, and 251 million yuan for the same years, with growth rates of 75.35%, 60.96%, and 73.90% [6][7] Product and Market Insights - The company’s endoscopic equipment revenue for H1 2024 was 342 million yuan, up 23.37% year-on-year, driven by the market promotion of high-end products like AQ-300 [6] - The revenue from endoscopic diagnostic consumables was 6.90 million yuan, down 8.88% year-on-year, attributed to external industry factors [6] - The company has made significant progress in international market access, obtaining product approvals in multiple countries including the EU, Brazil, South Korea, and Russia [6] Future Outlook - The company is expected to continue its growth trajectory, supported by its leading position in the domestic soft endoscope market, high technical barriers, and favorable competitive landscape [6] - The company plans to maintain high R&D investment to support product iteration and innovation, with several new products launched in various medical fields [6]
澳华内镜：内镜设备保持增长，股份支付影响表观利润