公司上半年营收、归母净利润有所下降，主要源于美国客户为降低库存量，放缓零部件购入进程，从而造成公司短期内的收入下滑。公司上半年毛利率64.09%（-0.03pct），净利率31.66%（-1.08pct）；销售费用率为4.65%（+1.50pct），管理费用率为10.91%（+1.68pct），研发费用率为13.98%（+1.11pct），财务费用率为-2.57%（+1.05pct）。在上半年，公司在美国设立的子公司奥美克已完成认证，后续可直接进行生产销售对接，同时泰国子公司也在加快建设中，有利于公司避免国际贸易风险。我们认为，公司客户内窥镜营收持续增长，公司作为其核心部件唯一供应商，在下半年出货量将逐步回到正常水平。Incidents:
The company released the 2024 semi-annual report. In 2024, H1 achieved operating income of 0.22 billion yuan, a year-on-year decrease of 17.70%; net profit to mother was 0.071 billion yuan, a year-on-year decrease of 21.02%; net profit after deducting non-return to mother was 0.065 billion yuan, a year-on-year decrease of 24.55%, and EPS was 0.58 yuan.
Core customer inventory is gradually being cleared, and the volume can be expected in the second half of the year
The company's revenue and net profit declined in the first half of the year, mainly due to US customers slowing down the parts purchase process in order to reduce inventory levels, which led to a decline in the company's revenue in the short term. The company's gross profit margin for the first half of the year was 64.09% (-0.03pct), net profit margin 31.66% (-1.08pct); sales expenses ratio was 4.65% (+1.50pct), management expenses ratio was 10.91% (+1.68pct), R&D expenses ratio was 13.98% (+1.11pct), and financial expenses ratio was -2.57% (+1.05pct). In the first half of the year, Omec, a subsidiary established by the company in the US, completed certification. Subsequently, production and sales connections can be carried out directly. At the same time, the Thai subsidiary is also speeding up construction, which helps the company avoid international trade risks. We believe that the company's customer endoscope revenue continues to grow, and the company, as the sole supplier of its core components, will gradually return to normal levels in the second half of the year.
Second-generation 4K endoscopes entered the market, helping independent brands further promote mass production and sales of the company's second-generation 4K endoscope systems after a few years. Currently, more than 100 sets have been shipped, and market feedback is good, laying a good foundation for the company's independent brand construction and the expansion of the complete machine business. The company develops products in key departments such as gynecology, head and neck and neurosurgery, focusing on medical applications. While maintaining and consolidating its competitive advantage in the field of endoscopy, the company continues to develop and improve the product line layout in the field of medical optical imaging devices. We believe this will help the company explore more potential incremental markets, enhance overall competitiveness, conform to domestic substitution trends, and build core brand competitiveness.
Investment advice and profit forecasting
The company's fluoroscopy business was affected by the customer inventory cycle in the first half of the year. We are optimistic that in 2024-2026, the company will achieve operating income of 4.79, 5.97 and 738 million yuan, respectively, and realized net profit of 1.63, 2.19, and 277 million yuan, respectively. The corresponding EPS is 1.35, 1.80 and 2.28 yuan/share, respectively, and the corresponding PE is 22, 17 and 13 times, respectively, maintaining a “buy” rating.
Risk warning
The company's R&D falls short of the expected risk, the product volume falls short of the expected risk, and the risk of relying on a single overseas customer is too high.
