INKON Life(SZ:300143) China Post Securities·2024-10-28 08:09Investment Rating - The report maintains a "Buy" rating for the company [2][5] Core Insights - The company has shown steady growth in Q3 2024, with revenue and profit meeting expectations. The revenue for the first three quarters of 2024 reached 1.228 billion yuan, an increase of 11.26%, while the net profit attributable to shareholders was 83 million yuan, a decrease of 12.24% [2][3] - The completion of a private placement of shares is expected to enhance the company's financial strength and accelerate the implementation of its strategic initiatives [4][5] Financial Performance Summary - For Q3 2024, the company reported revenue of 404 million yuan, up 6.55%, and a net profit of 28 million yuan, up 18.59% [2][3] - The gross margin for the first three quarters of 2024 was 26.16%, down 3.62 percentage points, while the net profit margin was 6.72%, down 1.80 percentage points [3] - The company’s operating cash flow for the first three quarters was 247 million yuan, an increase of 34.10% [2] Future Earnings Forecast - The company aims to build a comprehensive ecosystem in the medical service and medical device sectors, focusing on oncology. Revenue projections for 2024 to 2026 are 1.695 billion, 2.038 billion, and 2.454 billion yuan, respectively, with net profits of 121 million, 161 million, and 216 million yuan [5][7] - The current price-to-earnings (P/E) ratios for the next three years are projected to be 53.7, 40.2, and 30.0 times [5][7] Shareholder Information - The largest shareholder is Qingdao Yinkang Medical Investment Co., Ltd., which fully subscribed to the recent private placement, acquiring 14.39% of the total shares post-issuance [4]