普门科技：上半年利润稳定增长，股权激励目标明确

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][5] Core Views - The company reported stable profit growth in the first half of 2024, with revenue of 590 million yuan (yoy +5.64%) and net profit attributable to shareholders of 172 million yuan (yoy +27.78%) [4] - The in vitro diagnostics segment showed steady growth, while the treatment and rehabilitation segment faced challenges [4] - The company has a clear stock option incentive plan aimed at motivating key personnel and achieving ambitious growth targets [4] Financial Performance Summary - In H1 2024, the company achieved revenue of 590 million yuan, with a net profit of 172 million yuan and a non-recurring net profit of 163 million yuan [4] - Q2 2024 revenue was 284 million yuan (yoy +1.27%), with a net profit of 65 million yuan (yoy +39.33%) [4] - The in vitro diagnostics revenue was 468 million yuan (yoy +21.67%), while treatment and rehabilitation revenue was 114 million yuan (yoy -31.96%) [4] - Domestic revenue was 429 million yuan (yoy +1.58%), and international revenue was 161 million yuan (yoy +18.26%) [4] Profitability and Efficiency - The overall gross margin for H1 2024 was 69.82% (yoy +4.61 percentage points) [4] - The gross margin for the in vitro diagnostics business reached 70.54% [4] - Selling expense ratio was 16.97% (yoy -2.66 percentage points), and R&D expense ratio was 16.74% (yoy -0.7 percentage points) [4] - Operating cash flow increased by 33.81% year-on-year, indicating improving operational quality [4] Earnings Forecast and Valuation - Revenue projections for 2024-2026 are 1.354 billion, 1.641 billion, and 2.008 billion yuan, with growth rates of 18.22%, 21.19%, and 22.35% respectively [5] - Net profit projections for the same period are 406 million, 501 million, and 617 million yuan, with growth rates of 23.57%, 23.51%, and 23.05% respectively [5] - The current price-to-earnings (PE) ratios are 13x for 2024, 11x for 2025, and 9x for 2026 [5]