维力医疗：Q3经营稳健，海外市场持续开拓

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company demonstrates stable operations with revenue increasing quarter by quarter, and the growth rate of profits outpaces that of revenue due to improved expense ratios [1] - The acceleration of overseas localization efforts is leading to a dual enhancement in revenue and profitability [1] - The company is focusing on key innovative products in the domestic market, which are being successfully introduced into hospitals [2] Financial Performance Summary - For Q1-Q3 2024, the company achieved revenue of 1.06 billion yuan, a year-on-year increase of 8.53%, and a net profit attributable to shareholders of 167 million yuan, up 15.85% [1] - In Q3 2024, revenue reached 384 million yuan, reflecting an 18.16% year-on-year growth, while net profit attributable to shareholders was 60.67 million yuan, a 17.04% increase [1] - The company expects revenues of 1.67 billion, 2.01 billion, and 2.40 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 20.3%, 20.6%, and 19.4% [2][3] Expense Ratios and Profitability - The sales expense ratio for Q1-Q3 2024 was 10.20%, down 0.93 percentage points year-on-year, while the management expense ratio was 15.48%, down 0.33 percentage points [1] - The research and development expense ratio was 6.30%, a decrease of 0.12 percentage points year-on-year, indicating improved operational efficiency and profitability [1] Overseas Market Expansion - The company has accelerated its overseas localization strategy, resulting in a significant increase in foreign sales revenue, which reached 337 million yuan in H1 2024, a year-on-year growth of 27.71% [1] - The gross margin for foreign sales improved by 4 percentage points year-on-year [1] - The establishment of a subsidiary in Mexico aims to enhance international market penetration and meet overseas customer demands [1] Domestic Market Developments - The company has successfully introduced key innovative products into hospitals, with significant new hospital entries for various products in H1 2024 [2] - Domestic marketing reforms, including new product positioning and pricing strategy adjustments, are expected to enhance the efficiency of the domestic sales team [2]