英诺特：呼吸道业务保持高景气，盈利能力持续提升

Investment Rating - The report maintains a Buy-A rating for the company with a 6-month target price of 49.85 RMB, implying an 18x forward P/E ratio for 2024 [3][6] Core Views - The company's respiratory business remains highly prosperous, with profitability continuing to improve [1] - The company achieved revenue of 421 million RMB in H1 2024, up 88.3% YoY, with core non-COVID respiratory testing products contributing 412 million RMB, up 160.1% YoY [1] - Net profit attributable to shareholders reached 206 million RMB in H1 2024, a 166.5% YoY increase [1] - The company is actively expanding its overseas business, with Southeast Asia as the initial focus, replicating its successful domestic marketing strategy [3] Financial Performance - Gross margin reached 81.6% in H1 2024, up 5.6 percentage points from 2023, while net profit margin improved to 49.0%, up 12.6 percentage points [2] - In Q2 2024, revenue grew 56.6% YoY to 139 million RMB, with net profit up 155.1% YoY to 60 million RMB [1] - The company's inventory turnover days and accounts receivable turnover days were approximately 123 days and 36 days, respectively, in H1 2024 [1] Business Development - The company is deepening its presence in the respiratory pathogen testing and pediatric pathogen testing markets, focusing on key tertiary hospitals and children's hospitals while expanding into grassroots medical institutions [1] - Overseas expansion is progressing, with a wholly-owned subsidiary established in Singapore as the international headquarters, and multiple products already approved or in the process of approval in overseas markets [3] Future Outlook - Revenue is expected to grow 64.3%, 34.4%, and 29.9% YoY in 2024-2026, respectively [6] - Net profit attributable to shareholders is projected to increase 116.6%, 32.8%, and 29.2% YoY in 2024-2026, respectively [6] - The company's strong growth potential is supported by its leading position in the respiratory testing market and its expanding international presence [3][6]