安杰思：业绩保持稳健增长，不断加大研发投入保障长期发展

Investment Rating - The report maintains a "Recommended" rating for the company [2][5] Core Views - The company has demonstrated steady revenue growth, with a 23.5% year-on-year increase in revenue for the first three quarters, reaching 427 million yuan, and a 37.9% increase in net profit attributable to shareholders, totaling 197 million yuan [3][4] - The company is focusing on product innovation and research and development, particularly in endoscopic diagnosis and treatment, fiber imaging technology, and auxiliary robotics, which are expected to drive long-term growth [4][5] - The company has successfully launched new products, including a replaceable hemostatic clip and an innovative coated guidewire, which have been well-received in the market [4][5] Financial Summary - For the first three quarters of 2024, the company achieved a gross margin of 73.07%, with a slight increase from the previous quarter, indicating strong operational efficiency [4] - The company’s sales expense ratio was 8.57%, down by 1.49%, while the management expense ratio was 7.78%, up by 0.23%, and the R&D expense ratio was 9.55%, up by 2.26%, reflecting a balanced approach to cost management and investment in growth [4] - The projected financial performance for 2024-2026 includes revenue growth from 657 million yuan in 2024 to 1,131 million yuan in 2026, with net profit expected to increase from 268 million yuan to 438 million yuan during the same period [4][6][8]