乐普医疗：2024Q2创新器械放量，药品板块受政策影响短期承压

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a decline in revenue and net profit for the first half of 2024, with total revenue of 3.384 billion yuan, down 21.33% year-on-year, and a net profit of 697 million yuan, down 27.48% year-on-year. The second quarter saw a revenue of 1.462 billion yuan, a decrease of 21.58% year-on-year, and a net profit of 215 million yuan, down 40.92% year-on-year, primarily due to external policy factors such as medical rectification and centralized procurement [4][5] Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 3.384 billion yuan, a year-on-year decrease of 21.33%, and a net profit of 697 million yuan, down 27.48%. The second quarter's revenue was 1.462 billion yuan, down 21.58%, with a net profit of 215 million yuan, down 40.92% [4] - The company's medical device segment, particularly cardiovascular interventions, has shown recovery with a growth of approximately 16.92% in the first half of 2024 [5] - The pharmaceutical segment faced challenges due to external policy changes, resulting in a revenue of 1.135 billion yuan, down 29.05% year-on-year [6] Product Performance - The cardiovascular intervention business generated 1.151 billion yuan in revenue, a year-on-year increase of 16.92%. The coronary intervention segment contributed 851 million yuan, up 10.21% [5] - The structural heart disease segment achieved a revenue of 249 million yuan, a significant increase of 53.63%, driven by the success of biodegradable occluders [5] Future Outlook - The company has adjusted its revenue forecasts for 2024-2026, expecting revenues of 7.241 billion yuan, 8.237 billion yuan, and 9.498 billion yuan, with growth rates of -9.3%, 13.8%, and 15.3% respectively. Net profits are projected to be 1.396 billion yuan, 1.781 billion yuan, and 2.125 billion yuan for the same period [8] - The company is focusing on accelerating the development of innovative products in the cardiovascular and endocrine fields, with several clinical trials underway for new drugs [7][8]