美亚光电：2024Q3业绩承压，口腔CBCT销量突破2万台

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company's revenue and net profit are expected to grow steadily from 2024 to 2026, with revenue projected to increase from 2,375 million yuan in 2024 to 3,091 million yuan in 2026, and net profit expected to rise from 686 million yuan to 894 million yuan over the same period [1] - The company's EPS is forecasted to grow from 0.78 yuan in 2024 to 1.01 yuan in 2026, with a P/E ratio decreasing from 20.0 in 2024 to 15.4 in 2026 [1] - Despite short-term pressure in 2024Q3 due to economic and industry competition, the company's long-term growth potential remains strong, particularly in the oral CBCT and medical imaging sectors [2][3] Financial Performance - In 2024Q3, the company reported a revenue of 648 million yuan, a 6.11% YoY decline, and a net profit of 178 million yuan, a 17.88% YoY decrease, mainly due to intensified industry competition and foreign exchange fluctuations [2] - The company's gross margin for the first three quarters of 2024 was 50.45%, a 1.79 percentage point decline YoY, while the net margin dropped by 5.46 percentage points to 28.52% [2] - Operating cash flow improved significantly, with a 17.49% YoY increase to 481 million yuan in the first three quarters of 2024 [2] Operational Highlights - The company's oral CBCT sales surpassed 20,000 units, marking a significant milestone in its medical health sector [3] - The company's spinal surgical navigation and positioning equipment was listed as a major technological equipment in Anhui Province, further enhancing its product portfolio [3] - R&D investment increased by 10.37% YoY to 94.61 million yuan in the first three quarters of 2024, accounting for 6.00% of revenue [2] Valuation and Forecast - The company's P/E ratio is expected to decrease from 20.0 in 2024 to 15.4 in 2026, reflecting a more attractive valuation over time [1] - The company's ROE is projected to improve from 26.2% in 2024 to 31.2% in 2026, indicating strong profitability and efficient capital utilization [9] - The company's debt-to-equity ratio is expected to remain stable, with a slight increase from 22.1% in 2024 to 28.4% in 2026, reflecting manageable leverage levels [9]