新产品陆续获证，产品力进一步增强。2024H1 公司研发投入为0.68 亿元，研发费用率为17.8%（同比+4.0pct）。公司重视新产品研发，2024H1，在关节领域，公司股骨头重建棒、钽金属填充块获批上市，成为国内首家拥有化学气相沉积制造多孔钽金属植入物的企业，成功打破国外垄断。在脊柱领域，公司取得多孔型钽金属椎间融合器、枕颈胸后路内固定系统等产品注册证。在运动医学领域，公司取得3D打印钛合金带线锚钉、钽涂层带线锚钉等多个注册证。与此同时，公司在创伤、口腔、PRP、手术机器人领域均取得了丰富的研发成果，公司产品线更加全面和完善，有利于公司满足多元化的下游需求与积极应对国家集采。Performance is under pressure in the short term due to the impact of collection and implementation. With 2024H1, the company achieved revenue of 0.38 billion yuan (YoY -29.7%), net profit attributable to mother 0.079 billion yuan (YoY -37.3%), and net profit not attributable to mother 0.066 billion yuan (YoY -40.3%). Looking at a single quarter, 24Q2 achieved revenue of 0.158 billion yuan (-46.2% YoY), net profit attributable to mother of 0.024 billion yuan (-66.1% YoY), and net profit of 0.017 billion yuan (-72.0% YoY).
2024H1 was affected by the implementation of volume procurement of high-value consumables in the country. The sales price of the company's related products declined, and the performance side was under pressure in the short term.
Actively respond to collection and promote the construction of a marketing system. The company thoroughly studies and analyzes collection policies and makes positive countermeasures. In May '24, joint collection and procurement results were announced, and the company won the bid for the full line of hip and knee products. Second, in 23 years of spine collection, the company successfully won bids for all 8 product systems and is currently in the process of implementation. Meanwhile, in the sports medicine collection, the relevant collection results were opened in Tianjin in November 23, and the company won the bid for all sports medicine products, and the share of total demand increased. At the same time, the company is actively building a marketing network, which will help further increase the company's market share.
New products have been certified one after another, and product strength has been further enhanced. 2024H1's R&D investment was 0.068 billion yuan, and the R&D expenditure rate was 17.8% (+4.0pct year on year). The company attaches importance to the development of new products. 2024H1. In the field of joints, the company's femoral head reconstruction rods and tantalum metal fillers were approved for listing, becoming the first domestic enterprise with chemical vapor deposition to manufacture porous tantalum metal implants, successfully breaking foreign monopolies. In the field of spine, the company obtained registration certificates for products such as porous tantalum metal intervertebral fusion devices and posterior occipital-thoracic fixation systems. In the field of sports medicine, the company has obtained various registration certificates such as 3D printed titanium alloy wire anchors and tantalum-coated wire anchors. At the same time, the company has achieved rich research and development results in the fields of trauma, dentistry, PRP, and surgical robots. The company's product line is more comprehensive and complete, which helps the company meet diversified downstream needs and respond positively to national procurement.
According to the 2024 mid-term report, we lowered the revenue, gross profit margin, and R&D expense ratio assumption, and predicted that the company's earnings per share for 2024-2026 would be 0.71/0.89/1.00 (the original 24-26 forecast was 0.87/1.10/1.36) yuan, respectively, maintaining the company's 2024 PE valuation of 21 times, and the corresponding target price was 14.91 yuan, maintaining the purchase rating.
Risk warning
Product release after collection falls short of expected risk; R&D progress falls short of expected risk; new product release falls short of expected risk; market competition increases risk.
