奕瑞科技：新品推动收入增长，激励费用影响业绩

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's revenue growth is driven by new product launches, although incentive expenses have impacted overall performance [7][10] - In H1 2024, the company achieved operating revenue of 1.026 billion yuan, a year-on-year increase of 7.20%, while net profit attributable to shareholders decreased by 5.30% to 307 million yuan [10][11] - The company has successfully entered the South Korean dental CBCT market and has begun bulk deliveries, contributing to stable revenue growth despite external industry challenges [11] Financial Performance Summary - In H1 2024, the company's detector business revenue was 844 million yuan, a decline of 2.9% year-on-year, primarily due to external factors and a high base from the previous year [11] - The gross profit margin for H1 2024 was 54.15%, down 4.10 percentage points year-on-year, while the net profit margin was 29.27%, down 4.01 percentage points [12] - Excluding the impact of share-based payment expenses, the adjusted net profit attributable to shareholders for H1 2024 was 383 million yuan, an increase of 6.03% year-on-year [12] Revenue and Profit Forecast - The company is expected to achieve revenues of 2.318 billion yuan, 2.889 billion yuan, and 3.597 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 24.35%, 24.65%, and 24.50% [12][13] - The net profit attributable to shareholders is projected to be 702 million yuan, 885 million yuan, and 1.166 billion yuan for the same years, with growth rates of 15.59%, 25.98%, and 31.77% [12][13]