Investment Rating - Buy rating maintained for Jinxin Fertility (01951 HK) [2] Core Views - Jinxin Fertility achieved steady growth in H1 2024 with rapid increase in overseas egg retrieval cycles [1] - Revenue reached RMB 1 444 million (+8 2% YoY) adjusted net profit was RMB 260 million (+1 8% YoY) [3] - Gross margin was 40 38% (-1 93pct YoY) net margin was 13 18% (-3 6pct YoY) [3] - Forecasted net profit for 2024-2026 is RMB 387/463/538 million with PE ratios of 14 5/12 1/10 4x [3] - Long-term growth potential supported by strong profitability high industry barriers and upcoming Shenzhen facility [3] Business Performance Revenue Breakdown - ARS business revenue: RMB 778 million (+9 58% YoY) [3] - Management services revenue: RMB 287 million (+1 06% YoY) [3] - Obstetrics medical services revenue: RMB 116 million (+13 73% YoY) [3] - Other medical services revenue: RMB 202 million (+6 88% YoY) [3] Regional Performance - Chengdu region revenue: RMB 883 million (+8 6% YoY) driven by ARS growth (+4%) and VIP business increase (16 3% to 19 5%) [3] - Greater Bay Area revenue: RMB 242 million (+10 5% YoY) [3] - Kunming and Wuhan revenue: RMB 130 million (-6 6% YoY) [3] - Overseas revenue: RMB 391 million (+11 5% YoY) [3] Egg Retrieval Cycles - Total egg retrieval cycles: 15 100 (+2 72% YoY) [3] - Chengdu: 7 571 cycles (-4 67% YoY) [3] - Greater Bay Area: 3 022 cycles (+6 67% YoY) with VIP business increase (7 2% to 7 7%) [3] - Overseas: 2 325 cycles (+25 27% YoY) driven by HRCMedical's frozen egg business and international recovery [3] - Kunming and Wuhan: 2 133 cycles (+1 57% YoY) [3] Strategic Developments - Completed 30% stake acquisition in Morula Indonesia's largest IVF service group with 10 clinics [3] Financial Projections - Revenue forecast: RMB 3 145/3 636/4 213 million for 2024-2026 [4] - Net profit forecast: RMB 387/463/538 million for 2024-2026 [4] - Gross margin forecast: 42 2%/42 3%/42 1% for 2024-2026 [4] - Net margin forecast: 12 16%/12 93%/12 96% for 2024-2026 [4] - ROE forecast: 3 65%/4 3%/4 75% for 2024-2026 [4] - EPS forecast: RMB 0 14/0 17/0 20 for 2024-2026 [4]
锦欣生殖：港股公司信息更新报告：2024上半年业绩稳健增长，海外取卵周期数快速增长