美亚光电2024年半年度报告点评：业绩短期承压，新产品新技术持续迭代

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of 5% to 15% relative to the benchmark index [2][8] Core Views - The company's short-term performance is under pressure, with H1 2024 revenue declining 3.83% YoY to RMB 930 million and net profit attributable to shareholders dropping 21.48% YoY to RMB 272 million [2] - Q2 2024 showed marginal improvement with revenue growing 6.87% YoY to RMB 599 million, though net profit still declined 22.71% YoY [2] - The company continues to iterate new products and technologies, particularly in color sorters and high-end medical imaging equipment, which could open up new growth opportunities [2] Financial Performance Revenue and Profit - H1 2024 revenue breakdown: color sorter business grew 14.40% YoY to RMB 645 million, while medical equipment, X-ray industrial inspection machines, and parts businesses declined 32.27%, 21.77%, and 13.92% respectively [2] - Gross margin and net margin declined to 50.88% and 29.23% respectively in H1 2024, down 1.62 and 6.57 percentage points YoY [2] Expenses - H1 2024 expense ratios: sales expenses increased 3.03 percentage points to 12.08%, management expenses rose 0.52 percentage points to 5.02%, and R&D expenses grew 1.28 percentage points to 6.31% [2] Future Projections - Revenue is projected to grow from RMB 2.51 billion in 2024E to RMB 3.18 billion in 2026E, with net profit attributable to shareholders expected to increase from RMB 682 million to RMB 864 million over the same period [2][3] - EPS is forecasted to grow from RMB 0.77 in 2024E to RMB 0.98 in 2026E, with P/E ratios declining from 16.41x to 12.96x [2][3] Product Development - The company launched several new products and technologies in H1 2024, including the UHD2.0 high-definition deep learning system and PD-MAR "truth-preserving" imaging technology [2] - These innovations address long-standing industry challenges and could significantly enhance the company's competitive position in both color sorting and medical imaging markets [2] Market Position - The company is a leading provider of photoelectric identification products in China, with its product development and commercialization efforts showing promising results [2] - Contract liabilities increased 93.87% compared to the end of the previous year, indicating strong pre-sales growth [2]