Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant operational improvement in Q3, with expectations for continued positive performance throughout the year [1] - The revenue for the first three quarters of 2024 reached 1.157 billion yuan, representing a year-on-year increase of 10.86%, while the net profit attributable to shareholders was 258 million yuan, a decrease of 14.07% [4] - The company is actively expanding its product lines, including high-value consumables and insulin pens, leveraging a comprehensive CDMO platform [4] Financial Performance - In Q3 alone, the company achieved a revenue of 450 million yuan, a year-on-year increase of 55.68%, and a net profit of 89 million yuan, up 49.91% [4] - The gross margin for the first three quarters of 2024 was 41.78%, an increase from 41.19% in 2023 and 41.03% in the first half of 2024 [4] - The company forecasts revenues of 1.683 billion yuan, 2.108 billion yuan, and 2.655 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 25.81%, 25.26%, and 25.94% [5] Profitability Forecast - The net profit attributable to shareholders is projected to be 392 million yuan, 515 million yuan, and 650 million yuan for 2024, 2025, and 2026, with growth rates of 25.06%, 31.42%, and 26.23% [5] - The current price-to-earnings (P/E) ratios are estimated at 35, 27, and 21 for the years 2024, 2025, and 2026, respectively [4][5]
美好医疗：三季度经营拐点显著，全年有望持续向好