Canature Health(SZ:300272)2024-08-29 00:44Investment Rating - The report maintains an "Outperform" investment rating for the company, indicating a positive outlook compared to the market [3][4]. Core Insights - The company's revenue performance exceeded expectations, with a reported revenue of 829 million yuan for H1 2024, representing a 4% year-on-year growth. The net profit attributable to the parent company was 57 million yuan, up 6% year-on-year [3][4]. - The company plans to distribute a cash dividend of 0.5 yuan per 10 shares, totaling 28.25 million yuan, reflecting a commitment to shareholder returns [3]. - The overseas business, particularly in North America, has shown significant growth, driven by high consumer demand and the need for replacement of reverse osmosis membranes [3][4]. - The domestic market remains challenging, but the company is working to develop a second growth curve through increased production capacity from a recent convertible bond issuance [3][4]. Financial Performance Summary - For H1 2024, the company achieved a gross margin of 40.5%, an increase of 2 percentage points year-on-year, attributed to improved production efficiency and cost control [4]. - The company forecasts a net profit of 159 million yuan for 2024, with a year-on-year growth of 19.9%, and expects to maintain a steady growth trajectory in subsequent years [4][6]. - The projected earnings per share for 2024 is 0.28 yuan, with a corresponding price-to-earnings ratio of 17 times [4][6].