Sanxin Medtec(300453) 华安证券·2024-08-12 10:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's mid-year performance for 2024 met expectations, with growth driven by centralized procurement and international expansion [1] - The blood purification product line showed significant growth, with revenue reaching 522.51 million yuan, a year-on-year increase of 25.55%, accounting for 76.11% of total revenue [1] - The company is expanding its product offerings to cover the entire cycle of kidney disease treatment, from early to late stages [4] - The domestic market for blood purification equipment still has substantial room for import substitution, with policies favoring local manufacturers [3][6] Financial Performance - In the first half of 2024, the company achieved operating revenue of 686.45 million yuan, a year-on-year increase of 18%, and a net profit attributable to shareholders of 106.25 million yuan, also up 18.74% year-on-year [1] - Revenue projections for 2024-2026 are 1.497 billion yuan, 1.709 billion yuan, and 2.013 billion yuan, with growth rates of 15.1%, 14.2%, and 17.7% respectively [5][6] - The gross profit margin for the blood purification segment improved to 33.89%, up 2.03 percentage points from the same period in 2023 [1] Market Expansion - The company has made significant progress in expanding its domestic and international markets, with overseas revenue reaching 112 million yuan in the first half of 2024, a growth of approximately 38% [1] - The company has established a comprehensive marketing network covering all provinces and municipalities in China, serving over 5,000 hospitals and dialysis centers [1] Product Development - The company is actively developing new products for early and mid-stage kidney disease interventions, as well as for protecting arteriovenous fistulas in late-stage patients [4] - The company has obtained various product registrations, including the first domestic registration for a disposable dialysis needle, breaking the import monopoly [4]