公司海外销售以贴牌为主，大客户资源稳定，相关产品销往美国、英国、德意、日韩、澳大利亚等多个国家和地区。2024H1 公司海外营收1.38 亿元（yoy+35.28%），占比52%，公司通过积极的市场行为不断开拓新市场和新客户，2024H1 海外新客户数量增加14 个。自有品牌产品作为公司海外核心发力点，已初见成效，2024 年上半年自有品牌销售占比近30%。2024H1 revenue and profit exceeded expectations, domestic and foreign market expansion drove growth, and maintained a “buy” rating
2024H1 achieved revenue of 0.264 billion yuan (yoy +28.43%) and net profit to mother of 0.124 billion yuan (yoy +57.93%). Among them, the 2024Q2 company achieved revenue of 0.152 billion yuan (yoy +32.43%) and net profit of 0.072 billion yuan (yoy +60.78%); in terms of profitability, the company's 2024H1 gross margin was 71.73% (+2.88pct), and the net interest rate was 47.14% (+8.81pct); from the cost side, the sales expense ratio of 2024H1 was 10.58% (-0.76pct), and the management expense ratio was 9.11% (- 0.51 pct), R&D cost rate was 9.79% (+1.03pct); in terms of products, GI products earned 0.172 billion yuan (yoy +29.19%), ESD/EMR products earned 0.063 billion yuan (yoy +55.78%), and ERCP diagnosis and treatment series products earned 0.02 billion yuan (yoy +14.27%). Considering that the company is actively exploring domestic and foreign markets, the Chinese and US markets maintain a high growth rate, and sales of GI and ESD/EMR products are growing rapidly. We maintain our profit forecast for 2024-2026. We expect net profit to be 0.271/0.338/0.423 billion yuan for 2024-2026, and EPS is 3.35/4.18/5.23 yuan respectively. The P/E corresponding to the current stock price is 15.9/12.8/10.2 times, maintaining a “buy” rating.
Overseas customer resources are relatively stable, new customers are growing rapidly, and private brand sales are constantly improving
The company's overseas sales are mainly OEM, and its major customer resources are stable. Related products are sold to many countries and regions such as the United States, the United Kingdom, Germany and Italy, Japan, South Korea, and Australia. 2024H1's overseas revenue was 0.138 billion yuan (yoy +35.28%), accounting for 52%. The company continued to explore new markets and new customers through active market behavior, and the number of new 2024H1 overseas customers increased by 14. As the company's core overseas driving force, private brand products have begun to bear fruit. In the first half of 2024, private brand sales accounted for nearly 30%.
The domestic market continues to increase the coverage of the top three hospitals, and the logic of increasing the penetration rate of domestic hospitals is still strong
In the domestic market, the replacement of imported brands by domestic brands has had positive results in recent years, breaking the situation where international brands were monopolized in the early days. The company is one of the leading companies in domestically produced minimally invasive endoscopic diagnosis and treatment devices. The marketing network has basically covered key cities across the country, and its leading products have been applied in more than 1,000 hospitals across the country. The company's clinical customer level continues to improve. As of December 30, 2023, the number of terminal hospitals covered 2,300, with the top three hospitals accounting for 44%. 2024H1 achieved domestic sales revenue of 0.125 billion yuan (yoy +21.98%), accounting for 48%, and added 198 new clinical customers, including 57 tertiary hospitals.
Risk warning: New product promotion falls short of expectations, trade frictions and exchange rate fluctuations, and volume procurement risks.
