SHANGHAI AOHUA PHOTOELECTRICITY ENDOSCOPE CO.(SH:688212) EBSCN·2024-10-29 15:07Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 501 million yuan for the first three quarters of 2024, representing a year-over-year increase of 16.79%, while the net profit attributable to shareholders decreased by 17.45% to 37 million yuan [1] - In Q3 2024, the company achieved a revenue of 147 million yuan, up 5.39% year-over-year, and a significant net profit increase of 345.17% to 32 million yuan, primarily due to the reversal of previously accrued stock payment expenses and receipt of substantial government subsidies [2] - The company launched new products in October 2024, enhancing its market competitiveness in the endoscope industry [2] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 501 million yuan, with a year-over-year growth of 16.79%. The net profit attributable to shareholders was 37 million yuan, down 17.45%, and the non-recurring net profit was 15 million yuan, down 55.24% [1] - In Q3 2024, the company reported a revenue of 147 million yuan, a year-over-year increase of 5.39%, and a net profit of 32 million yuan, up 345.17% [1][2] Product Development - The company introduced the AQ-150 Series 4K ultra-high-definition endoscope system and the AQ-120 Series endoscope system in October 2024, which are expected to enhance operational efficiency and adapt to various medical environments [2] Profit Forecast and Valuation - The net profit forecast for 2024 has been raised to 73 million yuan, an increase of 52% from previous estimates. However, the forecasts for 2025 and 2026 have been lowered to 118 million yuan and 182 million yuan, representing decreases of 18% and 34% respectively [3] - The current price corresponds to a price-to-earnings ratio (P/E) of 98 for 2024, 61 for 2025, and 40 for 2026 [3]