Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The report highlights that the impact of inventory destocking in downstream markets is diminishing, and several new business initiatives are contributing to growth [1]. - The company achieved a revenue of 1.157 billion yuan in Q3 2024, reflecting a year-on-year increase of 10.86%, while the net profit attributable to the parent company was 88.67 million yuan, up 56% year-on-year [1]. - The report indicates that the company's household respiratory machine business has reached a stable production and sales balance, suggesting a positive outlook for future growth [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 1.157 billion yuan, with a net profit of 258 million yuan, representing a year-on-year decrease of 14.07% [1]. - The gross profit margin for Q3 2024 was 41.78%, showing recovery from the previous quarter's 38.29% [1]. - The report projects revenues of 1.673 billion yuan, 2.084 billion yuan, and 2.588 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 25.0%, 24.6%, and 24.2% [2][3]. Business Development Summary - The company is expanding its new business segments, including blood glucose management and insulin injection pens, which have shown promising growth and customer acceptance [1]. - The report emphasizes that the company is actively exploring new markets and technologies, particularly in the IVD (in vitro diagnostics) sector, which could enhance its long-term growth prospects [1]. - The company is expected to benefit from production scale effects as its Malaysian factory ramps up operations, alongside the growth of new business lines [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in Q3, with new business segments entering a harvest phase. The core business of home respiratory devices and cochlear implant components remains stable, with inventory pressures easing for downstream customers. The company achieved a strong performance in the first three quarters of 2024, with Q3 revenue reaching 450 million yuan, a year-on-year increase of 55.68% [1][2] - The diversified business layout initiated by the company is gradually entering a harvest period in 2024, particularly in the blood glucose management sector, where overseas B-end customer orders have been secured. The company is also focusing on high-end consumables in the in vitro diagnostics sector and making steady progress in cardiovascular technology development [1][2] Financial Performance Summary - For the first three quarters of 2024, the company reported operating revenue of 1.157 billion yuan (up 10.86% year-on-year) and a net profit attributable to the parent company of 258 million yuan (down 14.07% year-on-year). The net profit after deducting non-recurring gains and losses was 248 million yuan (down 11.15% year-on-year) [1] - The company expects revenues for 2024, 2025, and 2026 to be 1.693 billion yuan, 2.116 billion yuan, and 2.659 billion yuan, respectively, with year-on-year growth rates of 26.5%, 25.0%, and 25.7% [2][5] - The net profit attributable to the parent company is projected to be 397 million yuan, 505 million yuan, and 641 million yuan for 2024, 2025, and 2026, respectively, with corresponding growth rates of 26.6%, 27.3%, and 26.9% [2][5] Key Financial Metrics - The company’s gross margin is expected to remain stable around 41% over the forecast period, with a return on equity (ROE) projected to increase from 9.8% in 2023 to 13.6% in 2026 [2][6] - Earnings per share (EPS) are forecasted to be 0.98 yuan, 1.24 yuan, and 1.58 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios decreasing from 47.79 to 22.17 over the same period [2][6]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][10][13] Core Views - The company has shown impressive performance in Q3 2024, with revenue growth of 55.68% year-on-year, reaching 450 million yuan, while net profit increased by 49.91% to 89 million yuan. However, net profit was impacted by foreign exchange losses and share-based payment expenses [1][2] - The gross margin improved to 42.97%, up by 3.04 percentage points, primarily due to the clearance of inventory in the respiratory device component business [2] - The company is expanding its production capacity, with successful completion of phases one and two in Malaysia and ongoing construction of phase three, indicating confidence in meeting global supply demands [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 1.157 billion yuan, a year-on-year increase of 10.86%, while net profit attributable to shareholders was 258 million yuan, down 14.07% [1] - Q3 2024 saw a significant recovery with revenue of 450 million yuan and net profit of 89 million yuan, despite a 20% decline in net profit compared to the previous quarter due to foreign exchange losses and share-based payment expenses [1][2] Cost and Margin Analysis - The company's financial metrics showed a gross margin of 42.97%, an increase of 3.04 percentage points, while the financial expense ratio rose to 2.57%, primarily due to increased foreign exchange losses [2] - The total expense ratio increased to 23.00%, reflecting changes in sales, management, and R&D expenses [2] Capacity and Incentives - The company is enhancing its production capacity across multiple bases, with significant expansions in its Huizhou facility and the successful launch of new production phases in Malaysia [3] - A stock incentive plan was introduced, aiming for revenue and net profit growth rates of no less than 25% and 56.25% for 2024 and 2025, respectively, indicating strong confidence in future growth [3] Earnings Forecast - The company maintains its earnings forecast, projecting revenues of 1.674 billion yuan, 2.079 billion yuan, and 2.562 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 392 million yuan, 487 million yuan, and 601 million yuan [3][5]

我先做完解读后续之后我没有解读到的如果投资人还有其他的问题的话我们可以在后面可以继续的交流好吗首先美好医疗三季度的这个季报确实是比较亮眼的那三季度我们是实现了营收是4.5个亿 那是再创新高那么对比2024年的第一季度第二季度第三季度来讲的话这个每个季度的营收都是在足的季度的这个在增长而且从二季度开始我们一直在不断的创这个营收的新高回顾一下过往的数据Q1的话就是第一季度的话我们美好医疗的这个营收是2.82亿那第二季度三季度的这个营收是4.25亿 那么第三季度单季度营收是4.5亿那么同时我们单季度第三季度的这个归属于上述公司股东的金利润的这个增长也是非常的强劲的也叫上上一年度同期也是增长了49.91%的所以从这个可能大家可以看到就是整个一到九月份的综合的毛利可能看到可能比去年同期略微下滑了一个点 那其实这个呢我可以把这个数据拆解给大家分析一下从这个2024年第一季度到第三季度其实公司的这个毛利是每个季度就是每个季度是逐渐增长 那么现在整个一到九月份的综合毛利上年同期下滑一个点主要还是因为我们第一季度因为大多数区域层的一个尾部的影响以及第一季度春节放假的一个影响因为第一季度的毛利大家也看到综合毛利大概是38.29 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant operational improvement in Q3, with expectations for continued positive performance throughout the year [1] - The revenue for the first three quarters of 2024 reached 1.157 billion yuan, representing a year-on-year increase of 10.86%, while the net profit attributable to shareholders was 258 million yuan, a decrease of 14.07% [4] - The company is actively expanding its product lines, including high-value consumables and insulin pens, leveraging a comprehensive CDMO platform [4] Financial Performance - In Q3 alone, the company achieved a revenue of 450 million yuan, a year-on-year increase of 55.68%, and a net profit of 89 million yuan, up 49.91% [4] - The gross margin for the first three quarters of 2024 was 41.78%, an increase from 41.19% in 2023 and 41.03% in the first half of 2024 [4] - The company forecasts revenues of 1.683 billion yuan, 2.108 billion yuan, and 2.655 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 25.81%, 25.26%, and 25.94% [5] Profitability Forecast - The net profit attributable to shareholders is projected to be 392 million yuan, 515 million yuan, and 650 million yuan for 2024, 2025, and 2026, with growth rates of 25.06%, 31.42%, and 26.23% [5] - The current price-to-earnings (P/E) ratios are estimated at 35, 27, and 21 for the years 2024, 2025, and 2026, respectively [4][5]

Financial Performance - In 2024, the company achieved a revenue of 450 million CNY, representing a year-on-year growth of 49.91% [1] - For Q3 2024, the main business experienced rapid growth with a revenue increase of 55.68% [1] - The net profit attributable to shareholders for the first three quarters was 88.67 million CNY, with a year-on-year decline of 14.07% [1] - Year-to-date revenue growth was reported at 10.86% [1] Exchange Rate Impact - The decline in net profit was influenced by two main factors, including the accounting provisions for foreign exchange losses due to the recent interest rate cuts by the Federal Reserve [1] - The exchange rate fluctuations have a recurring impact on the company's net profit [1] Business Development - The company’s insulin pen business is showing good momentum, with full automation production capabilities established in the second half of last year and gradual small-batch deliveries in the first two quarters of this year [3] - The home and consumer product segment reported revenue growth, but the overall revenue contribution remains small, indicating potential risks [3] - The company is focusing on medical devices as its primary strategic direction, with R&D and technical investments concentrated in this area [3] Production Capacity - The company plans to allocate production capacity primarily to its Malaysian factory for respiratory components, benefiting from tax incentives that positively impact operational results [3]

营收环比提升，全年库存改善显著 ——美好医疗 2024 三季报点评 核心观点 事件：公司发布三季报，报告期内实现营收 11.6 亿元（+10.9%），归母净利润 2.6 亿元（-14.1%）。其中，24Q3营收 4.5亿元（同比+55.7%，环比+6.0%），归母净 利润 0.9 亿元（同比+49.9%，环比-20.2%）。 ⚫ 营收环比提升，毛利率持续修复。从单季度来看，24Q3 营收环比继续改善，延续了 1-2 季度的趋势。前三季度，公司毛利率为 41.78%，较 2023 全年毛利率提高 0.59pct；从净利率来看，前三季度净利率为 22.29%，较 2023 全年净利率下降 1.13pct，主要系股份支付、汇率变动两大因素影响。费用方面，前三季度公司销售 费用为 3032 万（+33.0%），主要来自于股份支付费用增加所致；公司财务费用为1347 万（+69.1%），主要由于汇率变动，汇兑损失增加所致。 ⚫ 医疗器械精密组件龙头，技术延展能力充足。公司主要业务是家用呼吸机组件和人 工植入耳蜗组件加工，形成的底层技术如：液态硅胶、精密模具、自动化等延展能 力强，因此公司已逐步拓展至监护、介入等其他医疗 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The impact of major clients' inventory reduction is weakening, and new business expansion is progressing smoothly [3] - In Q3 2024, the company achieved revenue of 450 million yuan, a year-on-year increase of 55.68%, and a net profit attributable to shareholders of 88.67 million yuan, up 49.91% year-on-year [2] - For the first three quarters of 2024, the company reported revenue of 1.157 billion yuan, a year-on-year increase of 10.86%, and a non-recurring net profit of 258 million yuan, down 14.07% year-on-year [2] - The company's home respiratory machine components business accounted for 64.80% of revenue in 2023, and the negative impact from client inventory reduction is gradually diminishing [2] - The company is successfully expanding into new business areas, providing products and components for over ten global top 100 medical device companies [2] Financial Performance Summary - Revenue projections for 2024-2026 are 1.604 billion yuan, 2.007 billion yuan, and 2.499 billion yuan respectively, with net profits of 362 million yuan, 453 million yuan, and 559 million yuan [3] - The corresponding price-to-earnings (PE) ratios are 30.98, 24.76, and 20.07 [3] - The sales expense ratio for the first three quarters of 2024 was 2.62%, an increase of 0.44% year-on-year, while the management expense ratio was 6.46%, a decrease of 0.50% year-on-year [2] - Research and development expense ratio increased to 8.94%, up 1.28% year-on-year, primarily due to foreign exchange differences and the start of stock incentive expense accruals [2] - The company is engaged in comprehensive and in-depth cooperation with several innovative high-tech medical enterprises in various fields [2]

华福证券 - A T T T 美好医疗（301363.SZ） 业绩符合预期，Q3 收入环比继续提升 投资要点： 事件：公司发布 2024 年三季报，2024 年单三季度实现收入 4.50 亿（同 比+55.7%），归母净利润 0.88 亿（同比+49.9%），扣非归母净利润 0.84 亿 （同比+55.5%）；2024 年前三季度实现收入 11.5 亿（同比+10.9%），归母 净利润 2.57 亿（同比-14.1%），扣非归母净利润 2.47 亿（同比-11.1%）。 Q3 同比增速亮眼，利润环比核心受汇兑损益影响：2024 单三季度同 比增速亮眼，环比来看，收入端环比提升 5.9%，延续正增长趋势；利润端 表观核心受汇兑损益及股权激励费用影响拖累。费用端，销售费用率 3.2% （同比+0.3pct），管理费用率 7.0%（同比-1.8pct），研发费用率 10.2%（同 比+0.7%），费用端总体维持稳定。 主业去库存结束+面罩增长加速，夯实收入基本盘。当前公司家用呼吸 机组件大客户去库存压力已经逐渐消退、回到正常水平。同时，呼吸机组 件业务上半年毛利率对比 23 年全年已有所提升，主业进入拐点向上阶段。 ...

美好医疗（301363.SZ） 医疗器械 证券研究报告/公司点评报告 2024 年 10 月 24 日 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 执业证书编号：S0740518010004 Email：xiemq@zts.com.cn 执业证书编号：S0740523080002 报告摘要 事件：公司发布 2024 年三季报报告，2024 年前三季度公司实现营业收入 11.57 亿元， 同比增长 10.86%；归母净利润 2.58 亿元，同比下降 14.07%；扣非归母净利润 2.48 亿元，同比下降 11.15%。 分季度看，2024 年单三季度公司实现营业收入 4.50 亿元，同比增长 55.68%；归母 净利润 0.89 亿元，同比增长 49.91%；扣非归母净利润 0.85 亿元，同比增长 55.51%。 呼吸治疗业务下游库存消化完毕，同时叠加多款创新产品的逐步放量以及同期低基 数，公司单季度业绩迎来强劲增长。 从盈利能力角度分析，2024 年前三季度公司销售费用率 2.62%，同比提升 0.44pp， 管理费用率 6.46%，同比下降 0.50pp，研发 ...