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].
美好医疗2024年中报点评：业绩超预期，看好库存改善和新业务拓展