Well Lead(603309) 华创证券·2024-10-28 12:13Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 19 yuan, compared to the current price of 13.74 yuan [1]. Core Insights - The company's revenue for the first three quarters of 2024 reached 1.06 billion yuan, reflecting an increase of 8.53% year-on-year, while the net profit attributable to shareholders was 167 million yuan, up 15.85% [1]. - In Q3 2024, the company achieved a revenue of 384 million yuan, representing an 18.16% increase year-on-year, and a net profit of 61 million yuan, which is a 17.04% increase [1]. - Domestic business is gradually recovering, and overseas revenue is experiencing high growth, with domestic sales increasing by 5.35% and overseas sales growing by 28.73% [1]. - The company is actively building new production capacity to meet the increasing demand from domestic medical supply procurement and overseas clients, including a fully automated production base in Zhaoqing and a factory in Mexico [1]. Financial Summary - The company forecasts net profits of 240 million yuan, 300 million yuan, and 380 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 23.1%, 26.1%, and 26.2% [2][5]. - The earnings per share (EPS) are projected to be 0.81 yuan, 1.02 yuan, and 1.29 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 17, 13, and 11 [2][5]. - The comprehensive gross margin for Q3 2024 was 44.32%, remaining stable year-on-year, while the net profit margin reached 16.03% [1].