Investment Rating - The investment rating for the company is "Buy" [1]. Core Insights - The company achieved a revenue of 2.249 billion yuan in the first three quarters of 2024, representing a year-over-year increase of 5.87%. The net profit attributable to the parent company was 252 million yuan, up 4.12% year-over-year, while the net profit excluding non-recurring items was 219 million yuan, reflecting a year-over-year growth of 12.59% [1]. - In Q3 2024, the company recorded a revenue of 690 million yuan, a year-over-year increase of 14.09%, and a net profit of 67 million yuan, which is a significant year-over-year increase of 55.51% [1]. - The sales gross margin has been improving quarterly, with Q3 2024 gross margin at 52.97%, up from 49.83% in Q1 2024 [1]. - The company is expected to see revenue growth of 15.0%, 26.3%, and 24.4% for the years 2024, 2025, and 2026, respectively, with net profits projected to grow by 35.5%, 29.2%, and 29.8% in the same years [1][2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 2.249 billion yuan, with a quarterly revenue of 690 million yuan in Q3 2024 [1]. - The gross margin for the first three quarters of 2024 was 49.83%, 51.58%, and 52.97%, indicating a consistent upward trend [1]. - The net profit attributable to the parent company for 2024 is projected to be 345 million yuan, with an EPS of 1.65 yuan [2]. Revenue and Profit Forecast - The company is forecasted to achieve revenues of 3.281 billion yuan in 2024, 4.145 billion yuan in 2025, and 5.157 billion yuan in 2026 [2]. - The expected net profit for 2024 is 345 million yuan, increasing to 445 million yuan in 2025 and 578 million yuan in 2026 [2]. Market Position and Strategy - The company is focusing on enhancing its product mix, with a notable increase in the sales proportion of high-margin products such as hearing aids [1]. - The increase in sales expenses is viewed as a strategic investment for long-term growth, with expectations of improved profitability as operational efficiencies are realized [1].
可孚医疗：销售毛利率逐季提升，长期成长可期