Shenzhen YHLO Biotech (SH:688575)2024-08-31 03:30Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Insights - The company reported a revenue of 960 million yuan in H1 2024, a decrease of 10.69%, while the net profit attributable to shareholders increased by 22.25% to 173 million yuan [1]. - The non-COVID business segment showed strong growth, with revenue reaching 960 million yuan, up 31.89%, and the domestic non-COVID self-operated business revenue increased by 42.69% to 688 million yuan, accounting for 71.63% of total revenue [1]. - The company’s self-produced chemiluminescence business achieved a revenue of 717 million yuan, growing by 48.46%, and the gross margin for the main business improved significantly to 61.94%, up 12.58 percentage points [1]. - The company installed 1,170 chemiluminescence instruments in H1 2024, with a total of 9,430 units installed by June 2024, indicating strong progress in both domestic and international markets [1][2]. Financial Performance Summary - For H1 2024, the company reported a net profit of 173 million yuan, with a significant increase in Q2 net profit by 77.45% to 107 million yuan [1]. - The company’s operating cash flow for H1 2024 was 141 million yuan, reflecting a robust operational performance [1]. - The projected net profit for 2024-2026 is expected to grow to 482 million yuan, 651 million yuan, and 853 million yuan respectively, with corresponding EPS of 0.85, 1.14, and 1.50 yuan [6][7].