SHINVA(600587) 华源证券·2024-09-17 07:30Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company reported a revenue of 5.187 billion yuan for the first half of 2024, reflecting a year-over-year growth of 2.24%, and a net profit attributable to shareholders of 484 million yuan, up 5.57% year-over-year [2]. - The medical device business is under pressure, but profitability continues to improve, with a gross margin of 26.65% and a net profit margin of 9.60% for the first half of 2024 [2]. - The company is focusing on cost reduction and efficiency improvements, leading to a significant enhancement in profitability metrics [2]. Revenue and Profit Forecast - The company is projected to achieve total revenues of 10.802 billion yuan, 11.671 billion yuan, and 12.637 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of 7.89%, 8.05%, and 8.27% [3][4]. - Net profit attributable to shareholders is expected to reach 783 million yuan, 940 million yuan, and 1.162 billion yuan for the same years, with growth rates of 19.72%, 20.08%, and 23.62% [3][4]. Financial Metrics - The report highlights a projected PE ratio of 12x for 2024, 10x for 2025, and 8x for 2026, indicating a favorable valuation compared to comparable companies in the medical device sector [3]. - The company’s gross margin is expected to improve gradually, reaching 28.82% by 2026 [4]. Business Segment Performance - The medical device segment generated revenue of 1.887 billion yuan in the first half of 2024, down 2.55% year-over-year, while the pharmaceutical equipment segment saw revenue of 1.092 billion yuan, up 4.38% year-over-year [2]. - The company is adapting to market conditions by focusing on consumables and small-scale sterilization products, which are expected to drive growth in the second half of the year [2].