鱼跃医疗：24中报点评：高基数下业绩承压，海外提速

Investment Rating - The investment rating for Yuyue Medical is "Buy" (maintained) [2] Core Views - The report highlights that Yuyue Medical's performance is under pressure due to a high base from the previous year, but there is significant growth in overseas markets and certain product segments [2][4] - The company achieved a revenue of 4.308 billion yuan in the first half of 2024, a decrease of 13.5% year-on-year, with a net profit attributable to shareholders of 1.12 billion yuan, down 25.02% [4][5] - The respiratory therapy segment faced challenges due to a high base, while the blood glucose monitoring and AED segments showed strong performance [4][5] Summary by Sections Market Performance - Yuyue Medical's stock has seen a relative decline of 26% compared to the CSI 300 index as of August 2023 [3] Financial Performance - In H1 2024, the company reported a revenue of 4.308 billion yuan, with a net profit of 1.12 billion yuan and a non-recurring net profit of 964 million yuan [4] - The revenue for Q2 2024 was 2.08 billion yuan, down 8.82%, with a net profit of 461 million yuan, down 40.96% [4] - The respiratory therapy solutions segment generated 1.642 billion yuan, down 28.88%, while the blood glucose segment grew by 54.94% to 562 million yuan [4][5] Product and Market Development - The overseas sales revenue reached 479 million yuan, an increase of 30.19%, driven by the expansion of electronic blood pressure monitors and AED products [4][5] - The company has launched several new products, contributing to a slight increase in sales expenses and a return to normal marketing investment levels [5] Profitability and Forecast - The overall gross margin for H1 2024 was 50.06%, a decrease of 1.62 percentage points year-on-year, but an increase of 1.93 percentage points compared to 2022 [5] - The forecast for net profit attributable to shareholders for 2024-2026 is 2.074 billion, 2.395 billion, and 2.923 billion yuan, respectively, with corresponding P/E ratios of 16, 14, and 11 times [5][6]