DIRUI(SZ:300396) Huachuang Securities·2024-09-26 04:41Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 20 CNY, while the current price is 14.16 CNY [1]. Core Views - The company's revenue for the first half of 2024 reached 878 million CNY, representing a year-on-year increase of 26.38%, while the net profit attributable to the parent company was 165 million CNY, up 2.12% [1]. - The instrument business performed well in the domestic market, with instrument revenue growing by 42.18% to 617 million CNY, while reagent revenue increased by 0.35% to 259 million CNY [1]. - The company is focusing on enhancing collaboration with distributors, with distributor channel revenue accounting for 96.7% of total revenue in the first half of 2024 [1]. - Continuous investment in R&D is emphasized, with R&D expenses increasing by 44.37% to 63 million CNY, representing 7.18% of total revenue [1]. Financial Summary - The company forecasts net profits of 370 million CNY, 500 million CNY, and 670 million CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 32.4%, 36.1%, and 35.8% [2][5]. - Earnings per share (EPS) are projected to be 1.34 CNY, 1.82 CNY, and 2.47 CNY for the same years, with corresponding price-to-earnings (PE) ratios of 11, 8, and 6 [2][5]. - The company’s total revenue is expected to reach 1.82 billion CNY in 2024, with a year-on-year growth rate of 32.1% [2].