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].
美好医疗：公司事件点评报告：季度收入增长环比好转