心脉医疗：三大条线持续快速增长，全球品牌力持续提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 787 million yuan, up 26.63% year-on-year, and net profit of 404 million yuan, up 44.36% year-on-year [2][4] - The company is experiencing strong growth in its core vascular intervention business, with a focus on expanding into lower-tier cities and international markets [2][4] - The company has successfully launched multiple innovative products, enhancing its product matrix and competitive edge in the market [2][4] - The forecast for revenue and net profit growth remains positive, with expected revenues of 15.10 billion yuan, 19.19 billion yuan, and 24.25 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 27%, 27%, and 26% [2][4] Financial Summary - Total shares outstanding: 123 million [1] - Market price: 83.16 yuan [1] - Market capitalization: 10,250 million yuan [1] - Revenue forecast for 2024: 1,510 million yuan, with a year-on-year growth rate of 27% [2][4] - Net profit forecast for 2024: 655 million yuan, with a year-on-year growth rate of 33% [2][4] - Gross margin for H1 2024: 76.57%, net margin: 50.76% [2][4] - The company’s P/E ratio is projected to decrease from 29 in 2022 to 16 in 2024 [2][4]