Investment Rating - The investment rating for the company is "Outperform the Market" [4][10] Core Views - The company experienced steady growth in surgical power consumables, while equipment revenue faced pressure. In the first half of 2024, the company achieved revenue of 151 million yuan (+2.60%) and a net profit attributable to shareholders of 59 million yuan (+28.25%) [1][5] - The gross margin improved to 70.72% (+1.53 percentage points), primarily due to the increased revenue share from surgical power consumables. The R&D expense ratio significantly increased to 15.20% (+4.17 percentage points), reflecting the company's commitment to enhancing its core competitiveness through increased R&D investment [1][9] Financial Performance Summary - For the first half of 2024, the company reported revenue of 151 million yuan, with a year-on-year growth of 2.60%. The net profit attributable to shareholders was 59 million yuan, representing a year-on-year increase of 28.25%. The net profit excluding non-recurring items was 42 million yuan, showing a slight decline of 4.51% [1][5] - The second quarter of 2024 saw a revenue of 77 million yuan, a decrease of 3.61% compared to the previous quarter, while the net profit attributable to shareholders increased by 50.24% to 33 million yuan [1][5] - The company’s revenue growth was primarily driven by surgical power consumables, which saw a year-on-year growth rate exceeding 20% in the first half of 2024. However, revenue from surgical power devices and new product equipment declined due to external factors such as delayed bidding and price reductions [1][5] R&D Investment and Strategy - The company has increased its R&D investment to 23.01 million yuan, accounting for 15.20% of its revenue, which is a 41.36% increase compared to the same period last year. The focus is on key projects in the endoscope system and energy surgical equipment sectors [1][9] - The company has obtained registration certificates for two Class III medical device products, including an ultrasonic soft tissue surgical device, and has expanded its endoscope product line by increasing R&D efforts for flexible endoscopes [1][9] Earnings Forecast - The earnings forecast has been adjusted downward due to industry restructuring impacts, with expected revenues of 390 million yuan, 470 million yuan, and 550 million yuan for 2024, 2025, and 2026 respectively. The corresponding net profits are projected to be 130 million yuan, 150 million yuan, and 180 million yuan for the same years [2][9]
西山科技：2024年中报点评：设备收入增长承压，手术动力耗材稳步增长