奥泰生物：公司信息更新报告：2024Q2利润大超预期，产品毛利率显著提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 2024 profits significantly exceeded expectations, with a notable increase in product gross margin [2] - Revenue for H1 2024 reached 397 million yuan (up 2.2% year-on-year), with a net profit attributable to shareholders of 124 million yuan (up 74.0% year-on-year) [2] - The company has increased its profit forecasts for 2024-2026, expecting net profits of 245 million, 307 million, and 384 million yuan respectively [2] Financial Summary - H1 2024 revenue was 397 million yuan, with Q2 revenue at 197 million yuan (up 29.6% year-on-year) [2] - H1 2024 gross margin was 55.01% (up 8.41 percentage points), and net margin was 31.16% (up 12.90 percentage points) [2] - The company reported a significant increase in operating cash flow, reaching 103 million yuan (up 185.9% year-on-year) [2] - The sales expense ratio decreased to 7.58% (down 0.84 percentage points), while R&D expense ratio decreased to 12.40% (down 4.59 percentage points) [2] Business Performance - Revenue from infectious disease testing was 166 million yuan (up 31.1% year-on-year), and drug abuse testing revenue was 102 million yuan (up 9.3% year-on-year) [2] - The company launched 53 new products in H1 2024, with a focus on enhancing its own brand and increasing the proportion of self-developed products [2] - The company has successfully developed 9 new raw materials, with 6 being domestic firsts, enhancing its production efficiency and reducing costs [2] Valuation Metrics - The expected earnings per share (EPS) for 2024-2026 are projected at 3.09, 3.87, and 4.84 yuan per share respectively [2] - The current price-to-earnings (P/E) ratios are 17.0, 13.6, and 10.8 for the years 2024, 2025, and 2026 respectively [2] - The company’s total market capitalization is 4.162 billion yuan, with a circulating market value of 2.076 billion yuan [1]