祥生医疗：2024年中报点评：业绩有所承压，保持高比例研发投入

Investment Rating - The investment rating for the company is "Outperform the Market" [3][12] Core Views - The company experienced pressure on its performance in the first half of 2024, with revenue declining by 16.47% to 248 million yuan and net profit decreasing by 27.35% to 81 million yuan. The decline in profit was greater than that in revenue due to reduced foreign exchange gains and sustained high R&D investments [1][5] - The gross margin remained stable at 60.09%, while the total expense ratio increased significantly to 25.73%, primarily due to reduced revenue scale and continued high-intensity R&D investments [1][9] - The company maintained a high R&D investment ratio, with 39 million yuan allocated to R&D in the first half of 2024, representing 15.78% of revenue. New technologies and market approvals are expected to drive growth in portable and high-end ultrasound products [1][10] Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 248 million yuan, a decrease of 16.47%, and a net profit of 81 million yuan, down 27.35%. The second quarter alone saw revenue of 107 million yuan, down 18.49%, and net profit of 36 million yuan, down 39.78% [1][5] - The company’s gross margin was 60.09%, a slight decrease of 0.15 percentage points, while the total expense ratio increased by 7.49 percentage points to 25.73% [1][9] R&D and Product Development - The company continues to invest heavily in R&D, with an investment of 39 million yuan in the first half of 2024, accounting for 15.78% of revenue. It has introduced three core technologies and received numerous market approvals, which are expected to enhance product competitiveness [1][10][12] Earnings Forecast - The earnings forecast for 2024-2026 has been adjusted downwards, with expected revenues of 560 million yuan, 680 million yuan, and 830 million yuan for the respective years, reflecting growth rates of 15%, 22%, and 23%. Net profits are projected at 190 million yuan, 230 million yuan, and 290 million yuan, with growth rates of 31%, 21%, and 26% [2][12]