Furui Co.,Ltd(300049) 光大证券·2024-10-27 05:12Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company's Q3 2024 revenue reached 337 million yuan, a year-on-year increase of 19.37%, while the net profit attributable to shareholders was 27 million yuan, a year-on-year decrease of 9.22%. The decline in profit is primarily attributed to a stock incentive expense of 17 million yuan recorded in Q3. Excluding this expense, the net profit would have been 43 million yuan [1]. - The report highlights the potential growth in the MASH treatment market following the approval of the first innovative drug, Resmetirom, in March 2024. The company’s product, Fibroscan, is expected to benefit from the increased penetration of MASH treatment drugs [1]. - The company is positioned as a leader in non-invasive MASH screening, with product sales covering major countries in Europe, Asia, and North America. The projected net profits for 2024-2026 are 209 million, 321 million, and 459 million yuan, respectively, indicating year-on-year growth rates of 106.0%, 53.4%, and 42.9% [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 980 million yuan, a year-on-year increase of 21.42%, and a net profit of 102 million yuan, a year-on-year increase of 39.42% [2]. - The report provides a detailed financial forecast, projecting revenues of 1,581 million yuan in 2024, with a growth rate of 37.00%, and net profits of 209 million yuan, reflecting a growth rate of 106.01% [4]. Market Outlook - The report emphasizes the ongoing clinical advancements of GLP class drugs for MASH treatment, which are expected to enhance the treatment penetration rate for MASH patients [1]. - The Fibroscan device is identified as a key product for non-invasive screening, with anticipated growth in its market share as MASH treatment options expand [1]. Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected at 65, 43, and 30 times, respectively, indicating a favorable valuation outlook as the company grows [1].