新产业：业绩符合预期，趋势向好夯实全年高增

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% within the next six months [4][8]. Core Views - The company reported a revenue of 2.21 billion yuan for the first half of 2024, representing an 18.5% year-on-year growth, with a net profit of 900 million yuan, up 20.4% [2]. - The domestic revenue growth improved sequentially, while overseas revenue showed stable high growth, with overseas revenue reaching 796 million yuan, a 22.79% increase [2]. - The gross margin for instruments increased to 32.11%, driven by higher sales of the X series and large-scale luminescent instruments [2]. - The company is a leader in the domestic chemiluminescence market and is making significant strides in international markets, reinforcing its growth outlook [2]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 2.21 billion yuan and a net profit of 900 million yuan, with a notable increase in the non-recurring profit to 870 million yuan [2]. - The second quarter alone saw a revenue of 1.19 billion yuan, marking a 20.2% increase, and a net profit of 480 million yuan, up 20.8% [2]. - The company’s gross margin for the second quarter was reported at 71.56%, with a decrease of 2.06 percentage points compared to the previous year [2]. Market Position and Growth - The company has sold a total of 3,170 units of the X8 model, with a significant increase in the installation of large-scale instruments, which accounted for 75.13% of domestic installations [2]. - The overseas market saw a total of 2,281 units sold in the first half of 2024, with large and medium-sized instruments making up 64.80% of sales, reflecting a 10.07 percentage point increase [2]. Earnings Forecast - The company’s earnings per share (EPS) are projected to be 2.6 yuan, 3.3 yuan, and 4.1 yuan for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (P/E) ratios of 25, 20, and 16 [2][3].