LabTech(SH:688056) EBSCN·2024-08-29 12:42Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Views - The company reported a steady performance in H1 2024, with revenue of 214 million yuan, a year-on-year increase of 9.08%, and a net profit of 23.84 million yuan, up 4.44% year-on-year [1]. - The company plans to distribute its first-ever mid-year dividend since its listing, with a payout ratio of 33.5% [1]. - The report highlights the growth in the clean environmental laboratory solutions segment, which saw a significant revenue increase of 118.73% year-on-year [1]. - The company is expected to maintain its competitive edge in the traditional sample preparation instruments market while also exploring new growth opportunities through self-developed ICP-MS mass spectrometers [2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 109 million yuan, a year-on-year increase of 8.98%, and a net profit of 12.27 million yuan, up 23.15% year-on-year [1]. - The overall gross margin improved to 44.69%, compared to an average gross margin of 43.79% in 2023 [1]. - R&D expenses increased by 14.93% year-on-year, amounting to 24.96 million yuan, reflecting a shift in personnel structure towards higher-level staff [1]. Revenue Breakdown - The revenue contribution from the experimental analysis instruments business was 72.59%, with a year-on-year decline of 2.65% [1]. - The clean environmental laboratory solutions business accounted for 16.54% of revenue, showing a notable growth of 118.73% year-on-year [1]. - Consumables and customer service business contributed 10.87% of revenue, with a year-on-year increase of 14.15% [1]. Profitability and Valuation - The report projects a downward revision of profit forecasts for 2024 and 2025, with expected net profits of 48 million yuan and 57 million yuan, respectively [2]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.71 yuan, 0.85 yuan, and 1.02 yuan, respectively [2]. - The current stock price corresponds to price-to-earnings (P/E) ratios of 27, 23, and 19 for 2024, 2025, and 2026 [2].