Investment Rating - The report maintains an "Accumulate" rating for the company [4]. Core Views - The company has significantly narrowed its losses in H1 2024, with cost reduction and efficiency improvements showing notable results. With revenue growth and enhanced expense management, the company is expected to gradually achieve profitability [4]. - The forecasted EPS for 2024-2025 has been adjusted to -0.09/-0.02 USD (previously -0.11/-0.03 USD), and a new EPS forecast of 0.05 USD for 2026 has been added [4]. Summary by Sections - Financial Performance: In H1 2024, the company achieved revenue of 559 million USD (up 17.0% year-on-year after excluding exchange rate effects), with a net loss narrowing to 97 million USD (compared to a net loss of 163 million USD in H1 2023). Adjusted net loss also significantly decreased to 68 million USD from 185 million USD in the previous year [4]. - Cost Management: The company has seen a substantial decrease in expense ratios, with sales expense ratio down 7.23 percentage points to 27.95%, management expense ratio down 4.87 percentage points to 15.00%, and R&D expense ratio down 18.23 percentage points to 20.59% [4]. - Business Growth: The innovative business segment continues to grow rapidly, with major artery and peripheral intervention revenue at 110 million USD (up 26.3%), neuro-intervention revenue at 57 million USD (up 36.5%), structural heart revenue at 31 million USD (up 26.7%), and surgical robot revenue at 10 million USD (up 117%). Traditional segments also showed steady growth [4]. - R&D Focus: The company has adjusted its R&D focus to reduce costs while improving efficiency, ensuring steady progress in core product pipeline development. New products are expected to provide continuous growth points for traditional segments [4]. - Liquidity Management: The company has taken various measures to address short-term liquidity risks, including issuing new convertible bonds and obtaining financial institution credit support, effectively mitigating short-term liquidity risks [4].
微创医疗2024半年度业绩点评：降本增效成果显著，亏损有望持续缩窄