产品结构调整带动毛利率提升，降本增效显著经营质量改善。2024 上半年，公司主营业务毛利率为73.0%（yoy+4.69pct），其中生殖康复产线毛利率为93.22%，占整体收入占比提升至24.54%(yoy+12.18pct)，高毛利产线占比提升，带动公司整体毛利率向上。2024 上半年，公司销售费用率为19.47%（yoy-2.19pct），研发费用率11.57%（yoy-2.52pct），降本增效效果明显，同期销售净利率为33.24%（yoy+3.56pct）。Incident: The company released its 2024 mid-year report. The first half of the year achieved revenue of 0.228 billion yuan (yoy +11.73%, same below), realized net profit of 0.073 billion yuan (yoy +23.39%), and realized net profit of 0.066 billion yuan (yoy +32.81%) after deducting non-return to mother.
In Q2 2024, revenue of 0.124 billion yuan (yoy +30.20%) was achieved, net profit due to mother was 0.036 billion yuan (yoy +37.28%), and net profit deducted from non-mother was 0.032 billion yuan (yoy +42.47%). The performance was in line with expectations.
Reproductive resistance to decay is growing rapidly, and a second curve prototype is beginning to appear. In the first half of 2024, the company's pelvic floor rehabilitation production line achieved revenue of 0.106 billion yuan (yoy -2.10%), and launched the “PI-ONE System” (PI-ONE System) in March 24, forming a complete closed loop of pelvic floor rehabilitation diagnosis and treatment. Revenue of consumables and accessories was 0.051 billion yuan (yoy +11.33%), sports rehabilitation 9.1152 million yuan (yoy +28.01%), and reproductive rehabilitation revenue of 0.056 billion yuan (yoy +121.90%) As of 24H1, the company's reproductive anti-aging customer base exceeded 300. The company's domestic business revenue was 0.228 billion yuan (yoy +11.76%) and overseas business revenue was 0.6605 million yuan (yoy +2.79%); according to sales channels, distribution business revenue was 0.19 billion yuan, accounting for 83.3%, and direct sales revenue was 0.038 billion yuan, accounting for 16.7%.
Product restructuring has led to an increase in gross margin, cost reduction and efficiency, and significant improvement in operating quality. In the first half of 2024, the gross margin of the company's main business was 73.0% (yoy+4.69pct), of which the gross margin of the reproductive rehabilitation production line was 93.22%, and the share of overall revenue increased to 24.54% (yoy+12.18pct). The share of high-margin production lines increased, driving the company's overall gross margin up. In the first half of 2024, the company's sales expense ratio was 19.47% (yoy-2.19pct) and the R&D expense ratio was 11.57% (yoy-2.52pct). The cost reduction and efficiency effect was obvious. The net sales margin for the same period was 33.24% (yoy+3.56pct).
Profit forecasting and valuation. We expect the company's revenue for 2024-2026 to be 0.41, 0.521, and 0.664 billion yuan, respectively, up 20.20%, 27.38% year-on-year; net profit to mother for 2024-2026 will be 0.126, 0.161, and 0.208 billion yuan, respectively, with growth rates of 39.98%, 27.86%, and 29.18% respectively. The PE corresponding to the current stock price is 17x, 13x, and 10x, respectively. Based on the company's leading position in pelvic floor rehabilitation products, the diversified layout of rehabilitation production lines maintains a “buy” rating.
Risk warning. Risk of fluctuations in production line recovery, risk of mergers and acquisitions falling short of expectations, and risk of new business expansion falling short of expectations.
