福瑞股份：业绩符合预期，FibroScanGo按次收费模式逐步兑现

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's performance in the first half of 2024 met expectations, with revenue of 643 million yuan, a year-on-year increase of 22.53%, and a net profit of 75.36 million yuan, up 71.99% year-on-year [2] - The revenue from medical devices showed steady growth, with a 9.78% increase in the first half of 2024, and the proportion of revenue from per-use charging and leasing increased from 40% in 2023 to 46% [2] - The FibroScanGo per-use charging model is expected to gradually realize its potential, with nearly 500 units installed globally by mid-2024, significantly up from 275 units at the end of 2023 [2] Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 320 million yuan, a year-on-year increase of 13.24%, and a net profit of 32.64 million yuan, up 5.93% year-on-year [2] - The pharmaceutical business saw a recovery with revenue of 197 million yuan in the first half of 2024, a year-on-year increase of 52.32% [3] Revenue Forecast and Valuation - The forecasted net profits for 2024-2026 are 208 million yuan, 304 million yuan, and 428 million yuan, with growth rates of 105%, 46%, and 41% respectively [3] - The current stock price corresponds to a PE ratio of 48X for 2024, 33X for 2025, and 23X for 2026 [3] Market Position and Product Development - The company is a leader in non-invasive liver disease diagnostics, with FibroScan being recommended in clinical guidelines by major health organizations [2] - The company is expanding the application of FibroScanGo in primary healthcare and non-liver fields, enhancing its market presence [2]