Lifotronic(688389) 国泰君安·2024-08-28 14:40Investment Rating - The report maintains a rating of "Accumulate" for the company [4]. Core Views - The company has a diversified multi-business and multi-market platform layout, with the domestic market expected to recover sequentially and the overseas market continuing to grow steadily and rapidly [2]. - The report adjusts the EPS forecast for 2024-2026 to 0.96, 1.20, and 1.51 yuan respectively, down from the previous estimates of 0.99, 1.29, and 1.68 yuan, and sets a target price of 19.20 yuan, down from 22.44 yuan [9]. Financial Performance - For H1 2024, the company achieved operating revenue of 590 million yuan, an increase of 5.64%, and a net profit attributable to shareholders of 172 million yuan, up 27.78% [9]. - The gross margin for H1 2024 was 69.82%, an increase of 4.60 percentage points, while the net profit margin was 29.01%, up 4.98 percentage points [9]. - The company reported a net operating cash flow of 86 million yuan, an increase of 33.81% [9]. Market Segments - Domestic market revenue for H1 2024 was 429 million yuan, up 1.58%, with the in vitro diagnostic (IVD) business revenue at 319 million yuan, a growth of 19.36% [9]. - The international market revenue reached 161 million yuan, an increase of 18.26%, with IVD business revenue at 149 million yuan, up 26.91% [9]. Valuation Metrics - The company has a total market capitalization of 5,548 million yuan and a current price of 12.95 yuan, with a target price of 19.20 yuan [5][4]. - The price-to-earnings (PE) ratio for 2024 is set at 20 times, based on comparable company valuations [9].