三星医疗：国内外订单饱满，海外配电业务进展迅速

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [3][9]. Core Insights - The company reported a revenue of 10.43 billion RMB for the first three quarters of 2024, representing a year-on-year growth of 25.1%. The net profit attributable to shareholders was 1.82 billion RMB, up 21.9% year-on-year, while the net profit excluding non-recurring items reached 1.75 billion RMB, reflecting a 31.3% increase [2]. - The company has two main business segments: power distribution and medical services, both showing strong growth. The power distribution segment saw a 26.5% increase in revenue, while the medical services segment grew by 21.7% [3]. - The total backlog of orders reached 15.62 billion RMB, a 35.2% increase year-on-year, with domestic orders at 9.37 billion RMB and international orders at 6.25 billion RMB [3]. - The company's gross margin improved to 36.2%, an increase of 2.6 percentage points year-on-year, driven by cost reduction and efficiency improvements [3]. Summary by Sections Performance Overview - For Q3 2024, the company achieved a revenue of 3.44 billion RMB, a 23.2% increase year-on-year, with a net profit of 670 million RMB, up 7.4% year-on-year [2]. Business Analysis - The power distribution segment continues to lead in domestic market share and is expanding internationally, with significant breakthroughs in Europe and the Americas [3]. - The medical services segment is enhancing its rehabilitation service capabilities and expanding its chain of medical facilities, contributing to revenue growth [3]. Financial Projections - The company is projected to achieve revenues of 14.68 billion RMB, 18.57 billion RMB, and 22.54 billion RMB for the years 2024, 2025, and 2026, respectively, with growth rates of 28%, 27%, and 21% [3]. - The net profit attributable to shareholders is expected to reach 2.38 billion RMB, 2.98 billion RMB, and 3.62 billion RMB for the same years, with growth rates of 25% for both 2024 and 2025, and 21% for 2026 [3].