JAFRON(300529) 国泰君安·2024-08-09 08:31Investment Rating - The report maintains a rating of "Buy" for the company [3][8]. Core Views - The external policy environment has improved, leading to good development trends in nephrology, hepatology, and critical care business segments. The company's internationalization progress is also on track [2]. - The company achieved a revenue of 1.496 billion yuan in H1 2024, representing a year-on-year increase of 47.77%. The net profit attributable to shareholders was 553 million yuan, up 99.10% year-on-year [8]. - The report forecasts EPS for 2024, 2025, and 2026 to be 1.06 yuan, 1.35 yuan, and 1.72 yuan respectively, with a target price of 36.60 yuan, corresponding to a PE ratio of 35x for 2024 [8]. Financial Performance - In H1 2024, the company reported a gross margin of 80.54%, benefiting from cost reduction and efficiency improvements. The operating cash flow was 749 million yuan, an increase of 71.58% [8]. - The company’s revenue from the nephrology segment grew by 84% year-on-year, with significant sales increases in various product lines [8]. - The international sales revenue increased by 64% year-on-year in H1 2024, with products being used in over 2,000 hospitals across 94 countries [8]. Business Development - The nephrology field saw advancements in product positioning and disease management, with notable sales growth in blood purification products [8]. - The hepatology segment reported a 112% increase in sales revenue, driven by the promotion of a dual plasma molecular adsorption system [8]. - The critical care segment also experienced a 72% increase in sales revenue, with new products being adopted in over 100 hospitals [8].