澳华内镜：收入短期承压，期待2024Q4改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 5.01 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17%. However, the net profit attributable to shareholders decreased by 17% to 37.3 million yuan, and the net profit after deducting non-recurring gains and losses fell by 55% to 14.81 million yuan [1] - In Q3 2024, the company achieved a revenue of 147 million yuan, a year-on-year increase of 5.39%, while the net profit attributable to shareholders was 31.64 million yuan, a significant increase of 345.17% year-on-year [1] - The company is experiencing short-term pressure on revenue growth due to slow recovery in equipment industry tenders and weak industry demand, but profit margins have improved significantly, mainly due to the reversal of previously accrued share-based payment expenses and substantial government subsidies [1] - The company has launched innovative products, including the AQ-300, which is the first 4K ultra-high-definition endoscope system in China, meeting clinical demands for image clarity. The upgraded version of AQ-300 has recently been launched, and it is expected that installation volumes will improve significantly as industry demand recovers [1] Financial Performance Summary - For 2024-2026, the company is expected to achieve revenues of 8.47 billion yuan, 11.01 billion yuan, and 14.22 billion yuan, with year-on-year growth rates of 24.9%, 30.0%, and 29.2% respectively [1][3] - The net profit attributable to shareholders is projected to be 670 million yuan, 1.45 billion yuan, and 2.05 billion yuan for the same period, with year-on-year growth rates of 15.6%, 116.1%, and 41.9% respectively [3][4] - The gross margin is expected to remain stable, with rates of 73.8% in 2023, increasing to 74.3% in 2024, and further to 74.6% by 2026 [7] - The company's earnings per share (EPS) are projected to be approximately 0.43 yuan, 0.50 yuan, 1.07 yuan, and 1.52 yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 144.26, 108.19, and 50.06 [3][7]