HAIER BIOMEDICAL(SH:688139) Guotou Securities·2024-08-28 14:30Investment Rating - The investment rating for the company is "Buy-A" with a target price of 31.56 CNY over the next six months [1][6]. Core Views - The company experienced a temporary decline in performance due to short-term factors, but new industries continue to grow rapidly [2][3]. - The life sciences segment showed a revenue increase of 2.28% year-on-year, while the new industries segment saw a significant growth of 22.69% year-on-year, contributing to 42.63% of total revenue [3][4]. - The company is expanding its overseas competitiveness, with project business opportunities exceeding 1 billion CNY [4][6]. Financial Performance Summary - In the first half of 2024, the company reported a revenue of 1.223 billion CNY, a decrease of 3.71% year-on-year, and a net profit of 234 million CNY, down 15.84% year-on-year [2]. - The gross margin for the first half of 2024 was 46.57%, a decrease of 5.91 percentage points year-on-year, but adjusted figures show a gross margin of 50.11% [2]. - The company expects revenue growth rates of 10.0%, 25.5%, and 23.7% for 2024, 2025, and 2026, respectively, with net profit growth rates of 23.6%, 21.0%, and 20.4% [6][8]. Business Segment Performance - The life sciences segment's revenue was 607 million CNY in the first half of 2024, with low-temperature storage business facing challenges due to delayed orders [3]. - The new industries segment's revenue growth was driven by automation in medication, laboratory consumables, and digital public health services, with service revenue increasing by 26% year-on-year [3][4]. - The medical innovation segment reported a revenue of 612 million CNY, down 8.97% year-on-year, primarily due to delays in overseas public health project orders [3]. Market Position and Outlook - The company achieved a domestic revenue of 892 million CNY, up 6.93% year-on-year, while overseas revenue was 328 million CNY, down 24.17% due to order delays [4][6]. - The company has established localized teams in over 150 countries, enhancing its competitive edge in overseas markets [6]. - The company has introduced 21 new product models and achieved over 400 certifications, further strengthening its market position [6].