YUYUE MEDICAL(002223) ZHONGTAI SECURITIES·2024-10-28 10:32Investment Rating - The report maintains a "Buy" rating for Yuyue Medical, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [8]. Core Views - Yuyue Medical reported a revenue of 6.028 billion yuan for the first three quarters of 2024, a year-on-year decrease of 9.53%, with a net profit attributable to the parent company of 1.532 billion yuan, down 30.09% year-on-year [1]. - The company is focusing on three core segments: respiratory and oxygen therapy, blood glucose monitoring, and disinfection and infection control, while also expanding into emergency care, ophthalmology, and smart rehabilitation [1]. - Despite short-term pressures in the respiratory treatment segment due to high base effects from the previous year, the company anticipates a gradual recovery in demand driven by aging populations and increased health awareness [1]. - The blood glucose monitoring segment is expected to see continued market share growth, supported by new product launches and enhanced competitiveness [1]. - The company is actively exploring overseas markets for home electronic products, aiming to improve product performance based on local needs [1]. Financial Summary - For the first three quarters of 2024, the gross profit margin was 50.13%, a decrease of 1.43 percentage points year-on-year, while the net profit margin was 25.44%, down 7.23 percentage points year-on-year [1]. - The report forecasts revenues of 8.062 billion yuan, 9.305 billion yuan, and 10.730 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 1%, 15%, and 15% [3]. - The projected net profit attributable to the parent company for the same years is 2.007 billion yuan, 2.311 billion yuan, and 2.657 billion yuan, with a year-on-year decrease of 16% in 2024, followed by increases of 15% in the subsequent years [3]. - The current stock price corresponds to a price-to-earnings ratio (P/E) of 17, 15, and 13 for 2024, 2025, and 2026 respectively [1][3].