EDAN(SZ:300206) Soochow Securities·2024-09-01 12:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue for the first half of 2024 reached 922 million yuan, a decrease of 15.39% year-on-year, while the net profit attributable to the parent company was 125 million yuan, down 39.59% [2] - The monitoring business faced short-term pressure, but overseas revenue contributed to a steady improvement in overall revenue [2] - The company's gross margin remained stable at 58.76% for the first half of 2024, with a net margin of 13.71% [2][3] - The smart health business is progressing smoothly, with numerous new users and strategic partnerships established in various hospitals [3] - The profit forecast for 2024-2026 has been adjusted downwards due to short-term pressure on domestic equipment procurement, with net profits projected at 242 million, 292 million, and 354 million yuan respectively [3] Financial Performance Summary - Total revenue for 2024E is projected at 2,003 million yuan, with a year-on-year growth rate of 3.37% [1][9] - The net profit attributable to the parent company for 2024E is expected to be 242 million yuan, reflecting a growth rate of 9.39% [1][9] - The latest diluted EPS for 2024E is forecasted at 0.42 yuan per share [1][9] - The company's P/E ratio is projected to be 21.39 for 2024E [1][9] Segment Performance - In the first half of 2024, the monitoring revenue was 241 million yuan, down 39.84%, while the IVD revenue was 197 million yuan, down 2.45% [2] - Domestic revenue was 408 million yuan, a decrease of 35.10%, while international market revenue was 515 million yuan, an increase of 11.40% [2]