FPI(300203) 德邦证券·2024-08-28 12:30Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has turned from loss to profit, focusing on cost reduction and efficiency improvements in high-end scientific instruments [1][4] - In H1 2024, the company achieved revenue of 1.411 billion yuan, a year-on-year increase of 17.44%, and a net profit attributable to shareholders of 46 million yuan, a year-on-year increase of 133.16% [3][4] - The company signed new contracts worth 1.667 billion yuan in H1 2024, representing a year-on-year growth of 11.13% [3] Financial Performance - The company reported a Q2 revenue of 871 million yuan, a year-on-year increase of 27.75%, and a net profit of 71 million yuan, a year-on-year increase of 241.47% and a quarter-on-quarter increase of 380.27% [3] - The overall gross margin for H1 2024 was 44.44%, up 3.99 percentage points year-on-year [3] - The company reduced its expense ratio to 50.51%, down 13.57 percentage points year-on-year, with significant reductions in sales, management, financial, and R&D expense ratios [3][4] Business Segments - Revenue from instrument-related business, operational testing, and environmental equipment and engineering was 968 million yuan, 241 million yuan, and 139 million yuan respectively, with year-on-year growth rates of 15.35%, 37.33%, and 14.89% [3] - The company has made progress in high-end scientific instruments, particularly in mass spectrometry, chromatography, and spectroscopy, with successful product launches in life sciences and semiconductor fields [4] Future Outlook - The company expects revenues of 3.412 billion yuan, 3.911 billion yuan, and 4.515 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 7.2%, 14.6%, and 15.4% [4][5] - The net profit forecast for the same period is 113 million yuan, 234 million yuan, and 390 million yuan [4][5]