普门科技：海外业务高增，产品线日益完备

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown significant growth in overseas business and has a more complete product line [1] - In H1 2024, the company achieved operating revenue of 590 million yuan, a year-on-year increase of 5.64%, and a net profit attributable to shareholders of 172 million yuan, up 27.78% year-on-year [3] - The gross profit margin for H1 2024 was 69.82%, an increase of 4.60 percentage points year-on-year, indicating improved profitability [3] - The company continues to invest in R&D, with R&D expenses reaching 99 million yuan in H1 2024, representing 16.74% of revenue [3] - The company launched new automated products, enhancing its competitive edge in the market [3] - The projected net profits for 2024-2026 are 417 million, 514 million, and 613 million yuan, respectively, with corresponding PE ratios of 13x, 11x, and 9x [3] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 590 million yuan, with a net profit of 172 million yuan, reflecting a year-on-year growth of 5.64% and 27.78% respectively [3] - The gross profit margin improved to 69.82%, up 4.60 percentage points from the previous year [3] Market Segmentation - Domestic and overseas revenue for H1 2024 was 429 million yuan and 161 million yuan, showing year-on-year growth of 1.58% and 18.26% respectively [3] - In the in-vitro diagnostics sector, domestic and overseas revenues were 319 million yuan and 149 million yuan, with growth rates of 19.36% and 26.91% respectively [3] R&D and Product Development - The company invested 99 million yuan in R&D in H1 2024, with 440 R&D personnel making up 26.19% of the total workforce [3] - New product launches include the fully automated electrochemical luminescence immunoassay line LifoLas 8000 and the fully automated laboratory line LifoLas 9000 [3] Future Outlook - The company is expected to maintain high growth in its core business areas, with significant contributions from its flagship products [3] - The projected net profits for 2024-2026 are 417 million, 514 million, and 613 million yuan, with PE ratios of 13x, 11x, and 9x respectively [3]