Investment Rating - The report maintains a "Buy" rating for the company [4][2]. Core Insights - The company's Q2 2024 revenue reached 425 million yuan, showing a year-on-year increase of 9.82% and a quarter-on-quarter increase of 50.91%, primarily due to the recovery of household respiratory machine business as customer inventory reached a bottom [2][1]. - The net profit attributable to the parent company for Q2 2024 was 111 million yuan, a year-on-year decline of 16.13% but a quarter-on-quarter increase of 91.49%, with the decline attributed to high exchange gains in the same period last year [2][1]. - The company reported a total revenue of 706 million yuan for the first half of 2024, a year-on-year decrease of 6.33%, with specific segment performances showing a decline in household respiratory machine components but growth in household and consumer electronics components [2][1]. Financial Performance Summary - For the first half of 2024, the revenue from household respiratory machine components was 448 million yuan, down 11.89% year-on-year, while household and consumer electronics components revenue grew by 36.60% to 78.9 million yuan, and cochlear implant revenue increased by 12.08% to 64.6 million yuan [2][1]. - The company has successfully established a production supply chain in Malaysia, generating 146 million yuan in revenue and a net profit of 42.5 million yuan with a net profit margin of 29% in the first half of 2024 [2][1]. - The company forecasts revenues of 1.632 billion, 2.007 billion, and 2.489 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 390 million, 487 million, and 612 million yuan, corresponding to price-earnings ratios of 29, 23, and 18 times [2][1].
美好医疗：2024年中报业绩超预期，拐点已现