Investment Rating - The investment rating for the company is "Outperform the Market" [4][14]. Core Views - The company's Q2 2024 performance showed significant quarter-on-quarter growth, with revenue and net profit increasing by 51% and 91% respectively compared to Q1 2024, as the inventory destocking impact from downstream customers gradually cleared [1][6]. - The core business of home respiratory machine components is expected to stabilize, while new business segments are showing good growth trends, with revenue from cochlear implants increasing by 12.1% and consumer electronics components by 36.6% in H1 2024 [1][12]. - The company has diversified its business structure, reducing the revenue contribution from the core home respiratory machine components to 64% [1][12]. Financial Performance Summary - In H1 2024, the company achieved revenue of 706 million yuan, a decrease of 6.33% year-on-year, and a net profit of 169 million yuan, down 29.78% year-on-year. However, Q2 2024 revenue was 425 million yuan, reflecting a 9.83% increase from Q1 2024 [1][6]. - The company forecasts revenue growth of 25% for 2024, with projected revenues of 1.67 billion yuan, 2.08 billion yuan, and 2.56 billion yuan for 2024, 2025, and 2026 respectively [2][14]. - The projected net profit for the same years is 392 million yuan, 487 million yuan, and 601 million yuan, with a consistent growth rate of 25% [2][14]. Production Capacity and Incentives - The company has further released production capacity across multiple bases, with significant expansions in the Huizhou production base and successful completion of phases one and two in Malaysia [2][14]. - A stock incentive plan was introduced in April 2024, with ambitious growth targets for revenue and net profit set for 2024 to 2026, indicating strong confidence in future performance [2][14].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][14]. Core Views - The company's Q2 2024 performance showed significant quarter-on-quarter growth, with revenue and net profit increasing by 51% and 91% respectively compared to Q1 2024, as the inventory destocking impact from downstream customers gradually cleared [1][6]. - The core business of home respiratory machine components is expected to stabilize, while new business segments are showing good growth trends, with revenue from artificial cochlear implants increasing by 12.1% and consumer electronics components by 36.6% in H1 2024 [1][12]. - The company has diversified its business structure, with the revenue share from the core home respiratory machine components decreasing to 64% [1][12]. Financial Performance Summary - In H1 2024, the company achieved revenue of 706 million yuan, a decrease of 6.33% year-on-year, and a net profit of 169 million yuan, down 29.78% year-on-year. However, Q2 2024 revenue was 425 million yuan, reflecting a 9.83% increase from Q1 2024 [1][6]. - The company forecasts revenue growth of 25% for 2024, with projected revenues of 1.67 billion yuan, 2.08 billion yuan, and 2.56 billion yuan for 2024, 2025, and 2026 respectively [2][14]. - The projected net profit for 2024 is 392 million yuan, with a growth rate of 25% [2][14]. Production Capacity and Incentives - The company has further released production capacity across multiple bases, with the Huizhou production base expanding and the first two phases of the Malaysian facility completed and operational [2][14]. - A stock incentive plan was introduced in April 2024, with ambitious growth targets set for revenue and net profit over the next three years, indicating strong confidence in future performance [2][14].

Investment Rating - The report maintains a "Buy" rating for the company [4][2]. Core Insights - The company's Q2 2024 revenue reached 425 million yuan, showing a year-on-year increase of 9.82% and a quarter-on-quarter increase of 50.91%, primarily due to the recovery of household respiratory machine business as customer inventory reached a bottom [2][1]. - The net profit attributable to the parent company for Q2 2024 was 111 million yuan, a year-on-year decline of 16.13% but a quarter-on-quarter increase of 91.49%, with the decline attributed to high exchange gains in the same period last year [2][1]. - The company reported a total revenue of 706 million yuan for the first half of 2024, a year-on-year decrease of 6.33%, with specific segment performances showing a decline in household respiratory machine components but growth in household and consumer electronics components [2][1]. Financial Performance Summary - For the first half of 2024, the revenue from household respiratory machine components was 448 million yuan, down 11.89% year-on-year, while household and consumer electronics components revenue grew by 36.60% to 78.9 million yuan, and cochlear implant revenue increased by 12.08% to 64.6 million yuan [2][1]. - The company has successfully established a production supply chain in Malaysia, generating 146 million yuan in revenue and a net profit of 42.5 million yuan with a net profit margin of 29% in the first half of 2024 [2][1]. - The company forecasts revenues of 1.632 billion, 2.007 billion, and 2.489 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 390 million, 487 million, and 612 million yuan, corresponding to price-earnings ratios of 29, 23, and 18 times [2][1].

证券研究报告 非金融公司|公司点评|美好医疗（301363） 下游去库或迎拐点，Q2 业绩环比改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月22日 证券研究报告 |报告要点 2024 年上半年公司实现营业收入 7.06 亿元，同比减少 6.33%；归母净利润 1.69 亿元，同比 减少 29.78%；扣非归母净利润 1.63 亿元，同比减少 27.33%。单二季度公司实现收入 4.25 亿 元，同比增长 9.83%；归母净利润 1.11 亿元，同比减少 16.14%；扣非归母净利润 1.07 亿元， 同比减少 13.55%。2024Q2 公司收入及利润环比改善明显，主要考虑家用呼吸机海外下游客户 去库存影响逐步减弱，基石业务同比降幅收窄，同时新拓展业务有序推进。 |分析师及联系人 郑薇 许津华 SAC：S0590521070002 SAC：S0590523070004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月22日 美好医疗(301363) 下游去库或迎拐点，Q2 业绩环比改善 | --- | --- | | ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [1][16]. Core Insights - The company reported a revenue of 706 million yuan in the first half of 2024, a year-on-year decrease of 6.33%, with a net profit attributable to shareholders of 169 million yuan, down 29.78% year-on-year [3]. - In Q2 2024, the company achieved a revenue of 425 million yuan, showing a year-on-year growth of 9.83%, indicating a recovery from the inventory digestion phase of major clients [3]. - The company is expected to see significant growth in new business areas such as blood glucose management and cardiovascular devices, which are anticipated to become important growth drivers [3]. Financial Performance Summary - **Revenue Forecast**: The company is projected to achieve revenues of 1,672 million yuan, 2,124 million yuan, and 2,707 million yuan for 2024, 2025, and 2026 respectively, with growth rates of 25%, 27%, and 27% [3]. - **Net Profit Forecast**: Expected net profits for the same years are 385 million yuan, 494 million yuan, and 633 million yuan, with growth rates of 23%, 28%, and 28% [3]. - **Earnings Per Share (EPS)**: The EPS is projected to be 0.95 yuan in 2024, increasing to 1.56 yuan by 2026 [3]. Business Segment Analysis - The home respiratory machine component business generated 448 million yuan in revenue in the first half of 2024, a decrease of 11.89% year-on-year, primarily due to fluctuations in overseas client inventory [3]. - The artificial cochlear business saw a revenue increase of 12.08% year-on-year, reaching 65 million yuan, indicating strong performance in this segment [3]. - The diversified business segments, including home electronics and other medical devices, achieved a combined revenue of 79 million yuan, with a growth rate of 36.60% [3]. Operational Developments - The company has successfully launched new production facilities in Daya Bay and Malaysia, enhancing its global supply chain capabilities [3]. - The ongoing construction of the third phase of the Malaysian factory is expected to further increase production capacity to meet overseas demand [3].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][2]. Core Views - The company reported a revenue of 706 million yuan for the first half of 2024, a decrease of 6.33% year-on-year, with a net profit attributable to shareholders of 169 million yuan, down 29.78% compared to the same period last year [1]. - There is a recovery in orders for home respiratory machine components, leading to a quarter-on-quarter improvement in revenue [1]. - The company’s revenue from home respiratory machine components for the first half of 2024 was 448 million yuan, a year-on-year decline of 11.89%, primarily due to inventory destocking by downstream customers [1]. - The company expects continued improvement in its home respiratory machine component business in the second half of 2024, supported by a global growth rate of 6% for main respiratory machines and 15% for masks and related consumables in Q2 2024 [1]. - Revenue from artificial cochlear implant components grew by 12.08% year-on-year in the first half of 2024, indicating stable growth [1]. - The company has established solid cooperative relationships with downstream clients in the home respiratory machine and artificial cochlear implant sectors, sharing in the stable market growth [2]. Summary by Sections Financial Performance - The company’s revenue projections for 2024-2026 are 1.723 billion, 2.156 billion, and 2.672 billion yuan, respectively, with net profits of 392 million, 497 million, and 624 million yuan [2]. - Earnings per share (EPS) are forecasted to be 0.96, 1.22, and 1.53 yuan for the same periods, with corresponding price-to-earnings (PE) ratios of 29.3, 23.1, and 18.4 times [2]. - The company’s revenue growth rates are projected at 28.8%, 25.1%, and 23.9% for the years 2024, 2025, and 2026, respectively [4]. Market Position - The company has a significant international presence, with overseas revenue accounting for 93.90% of total revenue in the first half of 2024 [1]. - The company is involved in various medical device sectors, providing development and manufacturing services to over ten global medical device companies [1].

2024 年 8 月 21 日 市场数据 总股本(亿股) 4.07 总市值(亿元)： 111.18 一年最低/最高(元)： 21.91/39.15 近 3 月换手率： 30.69% 公司研究 呼吸机组件订单拐点初显，期待新业务拓展潜力 ——美好医疗（301363.SZ）2024 半年报点评 要点 事件：公司发布 2024 半年报，24H1 收入 7.06 亿元（同比-6.33%），归母净利 润 1.69 亿元（同比-29.78%），扣非归母净利润 1.63 亿元（同比-27.33%）； 单二季度收入 4.25 亿元（同比+9.83%，略超市场预期），归母净利润 1.11 亿 元（同比-16.14%），扣非归母净利润 1.07 亿元（同比-13.55%）。 点评： 家用呼吸机组件下游客户去库存尾声，拐点初显。公司目前的基石业务是家用呼 吸机和人工植入耳蜗组件的开发制造和销售。24H1 公司家用呼吸机组件业务营 收 4.48 亿元（同比-11.89%），毛利率 43.48%，同比减少 1.90pcts；24H1 人 工植入耳蜗组件收入 0.65 亿元（同比+12.08%）, 毛利率 63.84%，同比下降 2.3 ...

证券代码：301363 证券简称：美好医疗 深圳市美好创亿医疗科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |------------------------|-------------------------------------------------------------------|-----------------------------|----------------| | | | | 编号：2024-004 | | 投资者关系活动类别 | □特定对象调研 □媒体采访 □业绩说明会□新闻发布会 □路演活动□现场参观 | □分析师会议其他（电话会议） | | | 活动参与人员 | 详见附件清单 | | | | 时间 | 2024 年 8 月 20 日-2024 | 年 8 月 21 日 | | | | 地点 公司会议室 | | | | 上市公 | 董事、副总经理：周道福先生 | | | | 司接待 | 副总经理、财务总监：严俊峨女士 | | | | 人员 | 董事会秘书：谭景霞女士 | | | | | 主要提问及答复情况 | | | | | 问题一 ...

[ T able_StockInfo] 2024 年 08 月 20 日 证券研究报告•2024 年中报点评 当前价：27.60 元 美好医疗（301363）医药生物 目标价：——元（6 个月） Q2 营收同环比改善，看好呼吸机业务恢复 [Table_Summary 事件：公司发布] 2024年中报，24H1 年实现收入 7.1亿元（-6.3%），实现归母 净利润 1.7亿元（-29.8%）。24Q2实现收入 4.2亿元（+9.8%），实现归母净利 润 1.1亿元（-16.1%）。公司营收增速在 Q2转正，利润降幅显著收窄，呼吸机 库存影响有望持续改善。 基石业务略有分化，新兴业务快速增长。按业务来看，24H1两大基石业务：家 用呼吸机组件收入 4.5亿元（-11.9%），考虑到呼吸机业务库存消化已进入尾声， 上游客户预计在 H2恢复正常订单和放量节奏；人工耳蜗客户订单稳定放量，业 务收入0.6亿元（+12.1%）。新兴业务如家用及消费电子组件实现快速增长，24H1 收入 0.8亿元（+36.6%）。注射笔已突破关键技术，并成功实现量产，与新客户 订单正稳步推进中，有望为业绩带来第二增长曲线。公司在多元化赛道 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 32.34 CNY based on a 33x P/E ratio for 2024 [2][4]. Core Insights - The company's Q2 2024 performance showed significant improvement, with a revenue of 420 million CNY (up 9.8% YoY and 50.9% QoQ) and a net profit of 110 million CNY (down 16.1% YoY and up 91.5% QoQ), indicating a recovery in order volume as inventory levels stabilize [1][2]. - The core business is showing positive margins, while other segments are performing steadily. The home respiratory device components generated 450 million CNY in H1 2024 (down 11.9% YoY) but improved by 25% QoQ compared to H2 2023 [1]. - The company is increasing R&D and sales investments, leading to a recovery in net profit margin, which reached 26.2% in Q2 2024 (up 5.6 percentage points QoQ) [1]. - A clear stock incentive plan was announced in April 2024, aiming for revenue or net profit growth rates of no less than 25%/56.25%/95.31% for 2024/2025/2026, reflecting strong confidence in future growth [1]. Financial Summary - For H1 2024, the company reported a revenue of 710 million CNY (down 6.3% YoY) and a net profit of 170 million CNY (down 29.8% YoY) [1]. - The projected EPS for 2024-2026 is 0.98, 1.22, and 1.51 CNY respectively, with an upward revision from previous estimates [2]. - The company's gross margin for H1 2024 was 41.0% (up 3.0 percentage points YoY), while the net margin was 23.7% for 2024E [3][6].