心脉医疗：业绩保持高速增长，创新产品持续获批

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported strong revenue growth in the first half of 2024, achieving operating income of 787 million yuan, a year-on-year increase of 26.63%, and a net profit attributable to shareholders of 404 million yuan, up 44.36% year-on-year [1] - The growth is driven by the rapid increase in the number of hospital admissions and implantations of core products, including innovative products that have shown excellent clinical performance [1][3] - The company continues to invest heavily in research and development, with R&D expenses totaling 94.29 million yuan, accounting for 11.98% of operating income [1] Summary by Sections Financial Performance - In Q2 2024, the company achieved operating income of 429 million yuan, a year-on-year increase of 27.69%, and a net profit attributable to shareholders of 219 million yuan, up 41.72% year-on-year [1] - The company expects operating income for 2024-2026 to be 1.537 billion yuan, 1.979 billion yuan, and 2.525 billion yuan, with year-on-year growth rates of 29.5%, 28.7%, and 27.6% respectively [3][5] - The net profit attributable to shareholders for the same period is projected to be 650 million yuan, 832 million yuan, and 1.059 billion yuan, with growth rates of 32.0%, 27.9%, and 27.3% respectively [3][5] Product and Market Development - The company has seen significant growth in its aortic stent products, generating revenue of 610 million yuan, a year-on-year increase of 22.68%, accounting for approximately 77.5% of total revenue [1] - The company is expanding its market presence in second, third, and fourth-tier cities in China, increasing the coverage of its products in domestic hospitals [1] - Internationally, the company achieved overseas sales revenue of 69.61 million yuan, a year-on-year increase of over 65%, with products sold in 34 countries and regions [1] Research and Development - The company has a rich pipeline of projects under development, with 708 patent applications submitted, including 110 overseas authorized patents [1][3] - Several innovative products are in various stages of clinical trials, including the Cratos branched aortic stent and the Aegis II abdominal aortic stent [2][3]