公司收入持续保持快速增长，净利率保持高位水平。公司24H1收入同比增速接近30%，表现亮眼，主要是公司积极开拓全球市场，中国和美国市场保持了较高增速，其中境内区域同比+21.98%，境外区域增长35.28%； 产品端来看公司GI 类收入1.72 亿元， 同比+29.19% ，EMR/ESD收入同比+55.78%，ERCP收入同比+14.27%。公司期间费用率较为稳定，销售费用率和管理费用率随着收入规模提升有所摊薄，研发投入不断加大，上半年销售费用率10.58%（-0.76pp）,管理费用率9.11%（-0.51pp）,研发费用率9.79%（+1.03pp）。公司前三季度毛利率71.55%，净利率47.14%，基本保持高位水平。Matters:
The company released its semi-annual performance report. In the first half of 2024, the company achieved overall operating income of 0.264 billion yuan, +28.43% year over year, realized net profit of 0.124 billion yuan, +57.93% year over year, and achieved net profit of 0.12 billion yuan after deduction, or +56.33% year-on-year. Looking at the second quarter of a year, the company achieved operating income of 0.152 billion yuan, +32.43% year over year, and realized net profit to mother of 71.67 million yuan, or +60.78% year over year.
Ping An's point of view:
The company's revenue continues to grow rapidly, and the net interest rate remains high. The company's 24H1 revenue grew at a year-on-year rate of nearly 30%, with impressive performance, mainly because the company actively exploited the global market. The Chinese and US markets maintained a high growth rate, with domestic regions +21.98% YoY and overseas regions growing 35.28%; on the product side, the company's GI revenue was 0.172 billion yuan, +29.19% YoY, EMR/ESD revenue +55.78% YoY, and ERCP revenue +14.27% YoY. The company's cost ratio was stable during the period. The sales expense ratio and management expense ratio were diluted as the revenue scale increased, and R&D investment continued to increase. In the first half of the year, the sales expense ratio was 10.58% (-0.76pp), the management expense ratio was 9.11% (-0.51pp), and the R&D expense ratio was 9.79% (+1.03pp). The company's gross profit margin for the first three quarters was 71.55%, and the net profit margin was 47.14%, which basically remained high.
The domestic market continues to develop, and the overseas layout is accurately implemented to drive growth. In terms of the domestic market, the company developed 198 new hospitals and 400 effective channels. The number of dealers, terminal hospitals and sales area coverage capacity are gradually increasing; it has launched more than 60 new academic conferences and participated in many digestive disease conferences, helping the company take the lead in benefiting from the market expansion process. In terms of the international market, the company continues to expand the market through innovative products that meet clinical needs. Among them, sales revenue in the North American region is +68.49%, the overseas Asia Pacific region is +82.86%, the South American region is +53.74%, and overseas private brand sales account for nearly 30%; in the first half of the year, the company added 14 new cooperative customers and participated in academic conferences such as DDW and ESGE DAYS to continuously enhance its brand influence; the Dutch subsidiary will be put into physical operation in the second half of the year to achieve coverage of the international marketing network. Help overseas revenue continue to grow.
Continuously increase investment in R&D, and continuous product innovation and iteration lead development. The company continued to increase R&D investment. In the first half of the year, R&D expenses were invested 25.85 million yuan, the cost rate increased by 1.03 percentage points, and it adhered to the “sales generation, R&D generation, and exploration generation” product development and marketing sales strategy. The company responded positively to the DRG and ESG concept and launched a replaceable hemostatic clip, which was well received by doctors and scholars at home and abroad; at the same time, the company's stitches and three-claw clips will enter the registration stage in the second half of the year, and the fifth and sixth generation hemostatic clamps are being developed; the ERCP field has introduced innovative coated guide wires, which are thinner in diameter and more rigid, improving the success rate of intubation; bipolar treatment systems continue to be promoted, and second-generation bipolar systems are being developed. In addition, the company stocks equipment products such as optical fiber imaging, adjuvant treatment robots, and soft endoscopes, continuously opening up growth boundaries.
Investment advice: Maintain a “Recommended” rating. The net profit forecast for 2024-2026 was adjusted to 0.268, 0.34, and 0.438 billion yuan according to the interim report (the original 2024-2026 forecast was 0.267, 0.343, 0.447 billion yuan). The company is a leading enterprise in the digestive field. The company performed well in the first half of the year, insisted on product innovation and development leading growth, and maintained a “recommended” rating.
Risk warning: 1) domestic medical environment policy risk; 2) risk of price reduction in collection; 3) risk of new product promotion falling short of expectations; 4) risk of overseas expansion falling short of expectations.
