南微医学：海外业务增速亮眼，降本增效成果显著

Investment Rating - The report maintains an "Outperform" rating for the company [1][2] Core Views - The company achieved steady revenue growth in H1 2024, with revenue reaching RMB 1.334 billion (+16.28%) and net profit attributable to shareholders of RMB 310 million (+17.47%) [1][5] - Overseas business showed strong growth, with international market revenue reaching RMB 624 million (+39.72%), accounting for 46.9% of total revenue, up 7.8 percentage points [1][7] - Domestic market revenue grew modestly by 1.73% to RMB 706 million, impacted by DRGs and centralized procurement policies [1][7] - The company's gross margin improved significantly to 67.94% (+4.19pp), driven by increased overseas sales and cost reduction measures [2][8] Financial Performance - In Q2 2024, the company achieved revenue of RMB 714 million (+19.55%) and net profit attributable to shareholders of RMB 167 million (+2.57%) [1][5] - The company's sales expense ratio increased slightly to 22.73% (+0.69pp), while management and R&D expense ratios decreased to 12.43% (-0.84pp) and 5.22% (-0.77pp) respectively [2][8] - The financial expense ratio rose to -1.77% (+4.56pp) due to increased exchange losses from currency fluctuations [2][8] Strategic Development - The company is shifting from scale growth to value growth, focusing on profit-oriented strategies since 2023 [1][5] - Overseas expansion continues with the acquisition of channel companies in Portugal and Switzerland, driving rapid growth in European markets [1][7] - The company is constructing a production base in Thailand, with plans for completion and operation by 2026 [1][7] Valuation and Forecast - The report revised downward the revenue forecast for 2024-2026 to RMB 2.86/3.21/3.63 billion (previously RMB 2.91/3.47/4.12 billion) [2] - Net profit attributable to shareholders is expected to reach RMB 600/690/800 million for 2024-2026, with year-on-year growth of 23%/15%/16% [2] - The current stock price corresponds to a PE ratio of 19/16/14x for 2024-2026 [2]