江苏吴中：利润端同比改善明显，医美业务表现强劲

Investment Rating - The report maintains a "Buy" rating for the company [1][2] Core Views - The company's revenue for Q1-Q3 2024 reached RMB 1.647 billion, a year-on-year increase of 9.58%, with a net profit attributable to shareholders of RMB 45 million, up 311.54% year-on-year [2][3] - The medical beauty segment showed strong performance, with revenue of RMB 199 million and a gross margin of 82.17% [2][3] - The pharmaceutical business faced revenue pressure, with a decline of 12.42% year-on-year, totaling RMB 1.14 billion [2][3] Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved a gross margin of 34.54%, an increase of 6.20 percentage points year-on-year [2][3] - The Q3 2024 revenue was RMB 441 million, a 9.46% increase year-on-year, with a net profit of RMB 21 million, up 225.41% year-on-year [2][3] Business Segments - The pharmaceutical segment's revenue for Q1-Q3 2024 was RMB 1.14 billion, with a gross profit of RMB 39 million, a decrease of 3.24% year-on-year [2][3] - The medical beauty segment's revenue was RMB 199 million, primarily driven by the successful launch of the core product Aesthefill [2][3] Valuation - The report adjusts profit expectations, forecasting net profits of RMB 80 million, RMB 190 million, and RMB 307 million for 2024, 2025, and 2026 respectively, with corresponding EPS of RMB 0.11, RMB 0.27, and RMB 0.43 [2][3] - The expected P/E ratios for 2024, 2025, and 2026 are 97.4x, 41.1x, and 25.5x respectively [2][3]