Investment Rating - The investment rating for the company is "Outperform the Market" [4][9][12] Core Views - The company achieved a revenue of 354 million yuan in H1 2024, representing a year-on-year growth of 22.29%, while the net profit attributable to shareholders was 5.66 million yuan, down 85.13% [5][9] - The decline in net profit was significantly influenced by share-based payments and increased R&D investments, with the adjusted net profit excluding these factors showing a growth of 7.19% [5][9] - The company continues to increase its sales and R&D investments, with R&D expenditure reaching 87.33 million yuan in H1 2024, up 25.48% [2][9] Revenue and Profitability - In H1 2024, the company's endoscopy equipment revenue was 342 million yuan (+23%), while consumables revenue decreased by 9% to 7 million yuan, and maintenance services revenue fell by 3% to 4 million yuan [5][7] - The gross margin for H1 2024 was 71.46%, with a slight decline attributed to changes in accounting standards [7][9] - The company’s expense ratios increased, with sales expense ratio at 34.69% (+5.42pp), management expense ratio at 16.60% (+2.68pp), and R&D expense ratio at 24.70% (+0.63pp) [5][9] Future Projections - Revenue projections for 2024-2026 are adjusted to 900 million yuan, 1.44 billion yuan, and 2.02 billion yuan respectively, with year-on-year growth rates of 33%, 60%, and 40% [2][9] - The net profit projections for the same period are 20 million yuan, 140 million yuan, and 300 million yuan, with significant growth expected in the later years [2][9] Market Performance - The current stock price corresponds to a price-to-sales ratio of 6x for 2024, 4x for 2025, and 3x for 2026 [2][9] - The company maintains a strong market position with a focus on expanding its product applications and enhancing its marketing efforts [2][9]
澳华内镜：收入端稳健增长，持续加大销售和研发投入