Succeeder(SH:688338) EBSCN·2024-08-23 09:41Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming years [1][3]. Core Insights - The company reported a revenue of 159 million yuan for the first half of 2024, representing a year-on-year growth of 12.40%. The net profit attributable to shareholders was 63 million yuan, up 4.15% year-on-year, while the net profit excluding non-recurring items was 62 million yuan, reflecting a growth of 3.63% [1]. - The slower growth in net profit compared to revenue is attributed to increased depreciation and amortization expenses from the completion of fixed assets at the Daxing base project [1]. - Research and development (R&D) investment increased by 15.59% year-on-year to 10.30 million yuan, accounting for 6.48% of revenue. The company holds 42 patents, including 14 invention patents, and launched the SMART-8800 coagulation production line to meet high-throughput testing demands [1]. - The company is enhancing its service capabilities and brand influence through participation in industry exhibitions, showcasing advanced products like the SMART-8800 and SF-9200 automatic coagulation analyzers [1]. Financial Forecast and Valuation - The profit forecasts for 2024 to 2026 are set at 141 million yuan, 170 million yuan, and 206 million yuan respectively. The current price corresponds to a price-to-earnings (PE) ratio of 17, 14, and 12 for the years 2024 to 2026 [1][2].