招投标下滑背景下，医疗器械板块承压。24H1 公司医疗器械收入18.87 亿元（-2.55%），制药装备收入10.92 亿元（+4.38%），医疗商贸业务收入17.04 亿元（+11.23%），医疗服务板块收入4.13 亿元（-5.24%）。医疗器械板块收入出现下滑，预计主要是由于医疗合规化行动和设备更新尚未落地导致医院招采购需求延后。感染控制市场招标额度与去年同期相比下降20%以上，感染控制大项目、大设备普遍落地难。Matters:
The company released its 24-year report, with operating income of 5.187 billion yuan (+2.24%), net profit of 0.484 billion yuan (+5.57%) to mother, deducting non-net profit of 0.474 billion yuan (+15.11%). 24Q2, operating income of 2.658 billion yuan (+0.91%), net profit due to mother 0.273 billion yuan (+4.21%), after deducting non-net profit of 0.265 billion yuan (+16.19%).
Commentary:
Against the backdrop of declining tenders, the medical device sector is under pressure. 24H1's medical device revenue was 1.887 billion yuan (-2.55%), pharmaceutical equipment revenue was 1.092 billion yuan (+4.38%), medical trade revenue was 1.704 billion yuan (+11.23%), and the medical service sector revenue was 0.413 billion yuan (-5.24%). Revenue from the medical device sector has declined, which is expected to be mainly due to delays in hospital recruitment and procurement requirements due to medical compliance actions and equipment updates that have not yet been implemented. Compared with the same period last year, the number of tenders in the infection control market has dropped by more than 20%, and it is generally difficult to implement major infection control projects and equipment.
International contracts for pharmaceutical equipment are growing rapidly. By region, 24H1's domestic revenue was 5.082 billion yuan (+2.20%) and overseas revenue was 0.105 billion yuan (+4.15%). International trade contracts in the pharmaceutical equipment sector grew rapidly in the first half of the year, and the amount of new contracts signed by BFS equipment reached a record high.
There was a slight decline in gross margin. 24H1's gross margin was 26.65%, down 0.76pct year over year. Although the gross margin of the 24H1 high-margin medical device sector increased to 43.29% (+2.28pct), the share declined slightly due to the decline in revenue; the share of the pharmaceutical equipment sector increased, but the gross margin fell to 27.12% (-4.31pct); in addition, the share of the medical trade business with low gross margin increased to 32.86% (+2.66pct). The above combined factors led to a slight decline in the company's gross margin.
The fee ratio has been optimized, and the net interest rate has increased. 24H1's sales expense ratio was 7.88% (-0.78pct), management expense ratio was 3.81% (-0.90pct), R&D expense ratio was 3.57% (+0.05pct), financial expenses ratio 0.15% (-0.02pct), overall cost ratio was optimized, operating efficiency improved, and net profit margin increased from 9.04% of 23H1 to 9.34% of 24H1, further improving profitability.
Profit forecasting, valuation and investment ratings. Based on expectations for a gradual recovery in bidding and an improvement in the base figure in the second half of the year, we maintain our profit forecast. The company's net profit for 24-26 is 0.83, 1.04, and 1.28 billion yuan, up 27.3%, 24.7%, and 23.5% year-on-year. EPS is 1.37, 1.71, and 2.11 yuan, respectively, and the corresponding PE is 12, 10, and 8 times, respectively. Referring to comparable companies, the company was given a valuation of 18 times in 2024, corresponding to a target price of about 25 yuan, maintaining a “recommended” rating.
Risk warning: 1. Fund-raising projects fall short of expectations; 2. Product development progress falls short of expectations; 3. Overseas market development falls short of expectations.
