Furui Co.,Ltd(SZ:300049) Guoxin Securities·2024-09-13 10:04Investment Rating - The report maintains an "Outperform" rating for the company [4][12] Core Views - The company's pharmaceutical business showed strong growth, while equipment and technology business remained stable [1][5] - Revenue for H1 2024 reached 643 million yuan (+22.53%), with net profit attributable to parent company of 75 million yuan (+71.99%) [1][5] - Pharmaceutical revenue increased by 52.32% to 197 million yuan, driven by academic-oriented sales and expanded retail channels [1][5] - Equipment and technology revenue grew by 12.84% to 424 million yuan, supported by continuous installation of FibroScan [1][5] - The pay-per-use model for FibroScan is gaining traction, with 500 units installed globally by H1 2024 [2][11] - MASH drug approvals, such as Rezdiffra, are expected to further drive demand for FibroScan [2][11] Financial Performance - Gross margin slightly declined to 76.30% (-1.90pp) due to changes in revenue structure [1][9] - Expense ratios improved significantly, with sales expense ratio at 26.78% (-3.31pp) and management expense ratio at 17.99% (-3.05pp) [1][9] - Net profit margin attributable to parent company increased to 11.73% (+3.37pp) [1][9] - Revenue for Q2 2024 was 320 million yuan (+13.24%), with net profit attributable to parent company of 33 million yuan (+5.93%) [1][5] Revenue Breakdown - Pharmaceutical business contributed 197 million yuan (+52.32%) in H1 2024 [1][5] - Equipment and technology business contributed 424 million yuan (+12.84%) in H1 2024 [1][5] - Medical services revenue was 15 million yuan (-1.65%) in H1 2024 [1][5] Future Projections - Revenue for 2024-2026 is projected to be 1.55/2.08/2.64 billion yuan, with year-on-year growth of 35%/34%/27% [12] - Net profit attributable to parent company for 2024-2026 is expected to be 200/300/400 million yuan, with year-on-year growth of 95%/51%/34% [12] - The current stock price corresponds to a PE ratio of 50/33/25x for 2024-2026 [12] Industry Context - The MASH treatment market is expanding, with the first drug Resmetirom approved, potentially boosting demand for FibroScan [2][11] - The pay-per-use model for FibroScan is still in its early stages in China, indicating room for growth [12]