Healthcare (SH:603313) EBSCN·2024-09-01 06:41Investment Rating - The report maintains a "Buy" rating for the company [2][9] Core Views - The North American market is showing signs of recovery, while domestic and European markets continue to grow [5][9] - The company's revenue for 1H2024 reached 3.95 billion yuan, a year-on-year increase of 9.6%, but net profit decreased by 46.1% [3][5] - The company is expected to benefit from the anticipated interest rate cuts in the U.S. and the return of mattress orders to domestic production [8][9] Revenue Performance - In 1H2024, domestic and overseas sales revenue were 670 million yuan and 3.16 billion yuan, respectively, with year-on-year growth of 18.8% and 8.0% [5] - The company's self-owned brand revenue was 530 million yuan, up 18.8% year-on-year [5] - In 2Q2024, overseas revenue was 1.1 billion yuan from North America and 470 million yuan from Europe, with year-on-year growth of 4.1% and 20.6% respectively [5][6] Profitability - The gross margin for 1H2024 was 38.1%, an increase of 2.1 percentage points year-on-year [5][8] - The gross margin for domestic sales was 44.4%, while overseas gross margins were 39.9% for North America and 37.6% for Europe [6][8] Future Outlook - The company has adjusted its revenue forecasts for 2024-2026 to 8.9 billion, 10.4 billion, and 11.9 billion yuan, reflecting a downward adjustment of 6%, 7%, and 8% respectively [9] - The net profit forecasts for the same period have been revised down to 190 million, 410 million, and 570 million yuan, with corresponding EPS of 0.34, 0.71, and 1.00 yuan [9][10] - The report highlights the company's stable operational fundamentals and the potential for performance recovery in North America [9]