鱼跃医疗：收入恢复稳健增长，长期发展可期

Investment Rating - The report maintains a "Strong Buy" rating for Yuyue Medical, expecting the stock to outperform the market by over 20% within the next six months [2][12][13]. Core Views - Yuyue Medical has shown a steady recovery in revenue growth, with Q3 achieving a year-on-year increase of 2.21%, despite previous declines [4][5]. - The company is expected to benefit from seasonal demand during Q4, particularly with events like Double Eleven, which may enhance revenue performance [4]. - The company maintains a strong market position in the medical device industry, with ongoing improvements in product quality and brand recognition [5][6]. Financial Performance Summary - For the first three quarters, Yuyue Medical reported revenue of 6.028 billion yuan, a year-on-year decrease of 9.53%, and a net profit of 1.532 billion yuan, down 30.09% [3]. - In Q3 alone, revenue was 1.720 billion yuan, with a net profit of 411 million yuan, reflecting a significant year-on-year decline of 40.95% [3]. - The gross margin for Q3 was stable at 50.32%, indicating effective cost management despite rising expenses [4]. Business Segment Performance - The respiratory therapy segment continues to grow, with the market for home respiratory devices and oxygen concentrators returning to normal demand levels [5]. - The diabetes care segment is focusing on enhancing product competitiveness, particularly in blood glucose monitoring products, through continuous upgrades and improved user services [5]. - Sales of nebulization products have also shown strong growth, achieving double-digit increases in the first half of the year [5]. Future Projections - Revenue projections for 2024-2026 are adjusted to 7.914 billion yuan, 9.180 billion yuan, and 10.581 billion yuan respectively, with expected net profits of 2.088 billion yuan, 2.432 billion yuan, and 2.827 billion yuan [6][9]. - The report anticipates a stable gross margin of around 51.2% to 52.3% over the next few years, reflecting the company's ongoing operational efficiency [10].