Lifotronic(SH:688389) Xinda Securities·2024-09-02 07:42Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 590 million yuan, an increase of 5.64% year-on-year, and a net profit attributable to the parent company of 172 million yuan, up 27.78% year-on-year [1] - The growth in revenue is primarily driven by the IVD (In Vitro Diagnostics) and aesthetic medicine segments, while the clinical medical product line faced some pressure [1] - The overall gross margin improved to 69.82%, an increase of 4.61 percentage points year-on-year, attributed to product mix optimization and a decrease in unit costs [1] Financial Performance Summary - For the first half of 2024, the IVD business generated revenue of 468 million yuan, a year-on-year increase of 21.67%, accounting for 79.38% of total revenue [1] - The clinical medical product line saw a decline in revenue due to high base effects from the previous year and delays in hospital procurement processes [1] - The aesthetic medicine segment achieved a revenue growth of 34% year-on-year, mainly driven by private hospitals [1] Profit Forecast and Investment Rating - The forecasted net profits for the company from 2024 to 2026 are 432 million yuan, 533 million yuan, and 642 million yuan, representing year-on-year growth rates of 31.4%, 23.5%, and 20.4% respectively [2] - The company is expected to maintain a high growth trajectory, focusing on the IVD and treatment & rehabilitation sectors, with accelerated development in the aesthetic medicine business [1][2]