DIRUI(300396) Guoyuan Securities·2024-09-03 00:12Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Views - The company achieved stable revenue growth in H1 2024, with operating income of 878 million yuan, a year-on-year increase of 26.38%, and a net profit attributable to shareholders of 165 million yuan, up 2.12% year-on-year [2]. - The instrument business is growing rapidly, while reagent products are expected to see increased volume in the second half of the year [2]. - The company is making steady progress in R&D, with a focus on expanding overseas markets [2]. Summary by Sections Financial Performance - In H1 2024, the company reported a gross margin of 43.10%, a decrease of 6.44 percentage points year-on-year, primarily due to a higher proportion of certain instrument sales [2]. - The sales expense ratio decreased by 0.93 percentage points to 14.03%, management expense ratio decreased by 1.78 percentage points to 2.84%, and financial expense ratio decreased by 0.43 percentage points to -0.16% [2]. Business Segments - Instrument revenue reached 617 million yuan, a year-on-year increase of 42.18%, with a gross margin of 31.20%, down 5.73 percentage points [2]. - Reagent revenue was 259 million yuan, a slight increase of 0.35%, with a gross margin of 71.66%, up 0.65 percentage points [2]. R&D and Market Expansion - The company employed 372 R&D personnel, accounting for 19% of total staff, with R&D investment nearing 70 million yuan, a year-on-year increase of over 40% [2]. - Overseas revenue in H1 2024 was 181 million yuan, a decrease of 25.11% year-on-year, attributed to regulatory issues in Indonesia and payment collection in Russia [2]. Future Outlook - The company is expected to achieve operating revenues of 1.84 billion yuan, 2.19 billion yuan, and 2.63 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 368 million yuan, 441 million yuan, and 538 million yuan [2][3]. - Corresponding EPS is projected to be 1.34 yuan, 1.61 yuan, and 1.96 yuan, with PE ratios of 11x, 9x, and 7x for the respective years [2].