迈瑞医疗2024半年报点评：利润稳增长，看好2024H2加速

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown steady profit growth, with a revenue of 20.53 billion yuan in H1 2024, representing a year-over-year increase of 11.1%, and a net profit attributable to shareholders of 7.56 billion yuan, up 17.4% year-over-year [1] - The company is expected to benefit from favorable domestic policies and continued expansion in overseas markets, leading to a potential fifth growth phase characterized by sustained high growth in performance and valuation [2] Performance Summary - Revenue and Profit: In H1 2024, the company reported a revenue of 205.3 billion yuan, with a net profit of 75.6 billion yuan, and a non-GAAP net profit of 73.8 billion yuan [1] - Quarterly Performance: In Q2 2024, revenue was 111.6 billion yuan, with a net profit of 44.0 billion yuan, and a non-GAAP net profit of 43.4 billion yuan [1] - Segment Performance: Domestic revenue was 126.2 billion yuan (up 7.2% YoY), while international revenue reached 79.1 billion yuan (up 18.1% YoY) [2] Growth Analysis - Business Segmentation: The in-vitro diagnostics segment grew over 25% in the domestic market and over 30% in the international market, with European revenue increasing by 37.9% [2] - Client Acquisition: The company has successfully acquired nearly 40 new high-end clients in the life information and support business and around 140 new high-end clients in the in-vitro diagnostics segment [2] - Installation Growth: The "Smart Link" system has been installed in over 900 hospitals, with significant growth in installations in top-tier hospitals [2] Profitability Analysis - Margins: The gross margin for H1 2024 was 66.25%, an increase of 0.66 percentage points year-over-year, while the net profit margin was 36.9%, up 2.03 percentage points [3] - Cash Flow: The operating cash flow for H1 2024 was 85.0 billion yuan, a year-over-year increase of 89.5% [3] - Future Outlook: The company is expected to maintain stable growth in profitability due to an increasing share of high-end products and markets [3] Earnings Forecast and Valuation - Earnings Projections: EPS is projected to be 11.53 yuan in 2024, 13.95 yuan in 2025, and 16.95 yuan in 2026, with a current PE ratio of 21.7 times for 2024 [8] - Market Position: The company is considered undervalued compared to both domestic and international peers, presenting a favorable investment opportunity [2]