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].
美好医疗：客户库存消化呼吸机业务拐点临近，血糖等新品未来可期