Lifotronic(SH:688389) Guoxin Securities·2024-09-22 06:03Investment Rating - The report maintains an "Outperform the Market" rating for the company [1][3][10] Core Views - The company achieved a revenue of 590 million yuan in the first half of 2024, representing a year-on-year growth of 5.6%, and a net profit attributable to the parent company of 172 million yuan, up 27.8% year-on-year [1][4] - The company has launched a stock option incentive plan for 2024, granting 11.31 million stock options to 186 incentive targets, with a strike price of 13.80 yuan per share [1][4] - The company is expanding its high-throughput instruments in the in vitro diagnostics field and continuously iterating technology in the treatment and rehabilitation sector [1][6] Financial Performance - In the first half of 2024, the revenue from in vitro diagnostic products was 468 million yuan, an increase of 21.7%, while revenue from treatment and rehabilitation products was 114 million yuan, a decrease of 32.0% [1][6] - The gross profit margin improved to 69.8%, up 4.6 percentage points, and the net profit margin increased to 29.1%, up 5.1 percentage points [1][9] - The operating cash flow for the first half of 2024 was 86 million yuan, a growth of 33.8%, with a ratio of operating cash flow to net profit reaching 50% [1][9] Revenue Forecast and Financial Indicators - The company forecasts net profits of 410 million yuan, 508 million yuan, and 624 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 24.8%, 23.9%, and 22.8% [2][10] - The current price-to-earnings (PE) ratios are projected to be 13, 11, and 9 for the years 2024, 2025, and 2026, respectively [10][13]