Investment Rating - The investment rating for the company is "Outperform the Market" [3][13][18] Core Insights - The company's revenue for the first half of 2024 was 6.636 billion (down 3.8%), with a net profit of 1.108 billion (down 7.5%), but a quarter-on-quarter growth of 37.7% in net profit [1][5] - The company is experiencing improved profitability despite challenges from centralized procurement and the impact of pandemic-related product sales [1][5] - The board has proposed an interim dividend of approximately 420 million, maintaining a 40% payout ratio [1][5] Revenue Breakdown - Medical Devices: Revenue of approximately 3.189 billion (down 7.7%), with stable growth in major product sales between 5%-15% [6][10] - Pharmaceutical Packaging: Revenue of approximately 1.168 billion (up 10.0%), with strong demand for pre-filled syringes and a market share increase [6][10] - Orthopedics: Revenue of 745 million (down 6.5%), with significant sales growth in spinal, trauma, and joint products between 20%-40% [6][10] - Interventional Business: Revenue of 1.114 billion (up 5.0%), with stable performance in the US and robust growth in Europe [6][10] Financial Metrics - The gross profit margin for the first half of 2024 was 50.9% (down 0.5 percentage points year-on-year), while the net profit margin decreased to 17.4% (down 0.6 percentage points year-on-year) [7][9] - Operating cash flow for the first half of 2024 was 1.023 billion, with cash content of net profit exceeding 90% [9][10] - The company has adjusted its revenue forecasts for 2024-2026 to 13.66 billion, 14.46 billion, and 15.43 billion respectively, with corresponding net profits of 2.186 billion, 2.351 billion, and 2.539 billion [12][16]
威高股份：盈利能力环比改善，持续推进国际化