振德医疗：境外业务稳步增长，汇率波动短期影响利润

Investment Rating - The report assigns a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark by more than 15% within the next six months [8]. Core Insights - The company achieved a revenue of 3.125 billion yuan in the first three quarters of 2024, representing a year-over-year decrease of 2.61%. However, the net profit attributable to shareholders was 307 million yuan, showing a year-over-year increase of 2.31% [1]. - In Q3 2024, the company reported a revenue of 1.083 billion yuan, which is a year-over-year increase of 19.92%, indicating accelerated growth compared to Q2 2024 [1]. - The company's overseas business showed strong recovery, with Q3 2024 overseas revenue reaching 645 million yuan, a year-over-year increase of 24.36% [1]. - The gross profit margin for the first three quarters of 2023 was 34.84%, remaining stable compared to the previous year, while the net profit margin improved to 10.16% [1]. Financial Performance Summary - The company is projected to achieve revenues of 4.456 billion yuan, 5.299 billion yuan, and 6.316 billion yuan for the years 2024, 2025, and 2026, respectively, with year-over-year growth rates of 8.0%, 18.9%, and 19.2% [2]. - The net profit attributable to shareholders is expected to be 472 million yuan, 506 million yuan, and 635 million yuan for the years 2024, 2025, and 2026, reflecting significant growth of 138.0% in 2024 [2]. - The company's earnings per share (EPS) is projected to be 1.77 yuan, 1.90 yuan, and 2.38 yuan for the years 2024, 2025, and 2026, respectively [2].