2024H1 公司设备收入45.44 亿元，同比下降1.77%，主要国内行业整顿和设备更新落地缓慢导致招投标活动放缓，其中MR、MI、RT 产品表现亮眼，收入分别为16.85/7.43/2.42 亿元，同比增长分别为12.26%/19.07%/188.10%。上半年公司服务收入6.17 亿元，同比增长23.84%，服务收入占比11.57%，同比提升2.12 pp，随着公司设备装机持续增加，维保服务收入占比有望持续快速增长。occurrences
The company released its 2024 semi-annual report. In the first half of 2024, the company achieved revenue of 5.333 billion yuan, up 1.18% year on year; net profit to mother 0.95 billion yuan, up 1.33% year on year; net profit after deducting non-return to mother 0.798 billion yuan, up 1.39% year on year. Revenue for the second quarter was 2.983 billion yuan, down 2.47% year on year; net profit to mother was 0.587 billion yuan, down 3.49% year on year; net profit after deducting non-return to mother was 0.498 billion yuan, down 2.47% year on year.
The core products performed well, and the proportion of services increased steadily
2024H1's equipment revenue was 4.544 billion yuan, down 1.77% year on year. The slow implementation of major domestic industry rectification and equipment updates led to a slowdown in bidding activities. Among them, MR, MI, and RT products performed well, with revenue of 1.685/0.743/0.242 billion yuan respectively, with year-on-year increases of 12.26%/19.07%/188.10%, respectively. The company's service revenue in the first half of the year was 0.617 billion yuan, up 23.84% year on year, accounting for 11.57% of service revenue, up 2.12 pp year on year. As the company's equipment installation continues to increase, the share of maintenance service revenue is expected to continue to grow rapidly.
The domestic market showed resilience, and the international market grew rapidly
In the first half of the year, the company's domestic revenue was 4.401 billion yuan, down 3.35% year on year. Under the influence of the overall external environment, all product lines ranked at the top of the industry; international market revenue was 0.933 billion yuan, up 29.94% year on year, accounting for 17.49% of international market revenue, up 3.87 pp year on year. The company has continued to make significant progress in its international business, and order volume and revenue have maintained a rapid year-on-year growth trend; in the future, demand for innovative solutions in developed regions will continue to grow and emerging markets will continue to rise, and the company is expected to maintain its competitive advantage and continue to grow rapidly.
Gross margin is rising steadily, and continued emphasis is placed on R&D investment
The company's gross profit margin in the first half of the year was 50.37%, an increase of 1.66 pp over the previous year, mainly due to the company's strengthened cost control, improved operating efficiency, and continued development of high-end products. The company has always attached great importance to R&D and innovation. 2024H1 invested 1.017 billion yuan in R&D, up 11.11% year on year, accounting for 19.07% of R&D investment, up 1.70 pp year on year.
Maintaining a “buy” rating
The company's business is expected to benefit after the implementation of the equipment renewal policy. We expect the company's revenue for 2024-2026 to be 13.49/16.323/19.728 billion yuan, with corresponding growth rates of 18.22%/21.00%/20.86%, and net profit to mother of 2.375/2.891/3.548 billion yuan respectively, corresponding growth rates of 20.29%/21.72%/22.75%, and EPS of 2.88/3.51/4.31 yuan respectively. Given that the company is a leading domestic video equipment company, there is plenty of room for global layout. In the future, service revenue and production ratio of high-end products will increase, profitability is expected to increase, and maintain a “buy” rating.
Risk warning: risk of product development falling short of expectations; risk of domestic policy changes; risk of international operation.
