VISHEE(SH:688580) Huaan Securities·2024-10-30 03:39Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The report highlights that the company's core business is stabilizing, with a positive outlook on new product launches in the medical aesthetics sector [1][2] - The company reported a revenue of 2.92 billion yuan for Q3 2024, a year-on-year decrease of 12.06%, and a net profit attributable to shareholders of 0.78 billion yuan, down 23.13% year-on-year [1] - The report anticipates that the medical aesthetics segment will see rapid growth due to the company's advantages in the pelvic floor and postpartum fields [2] Financial Performance Summary - For the first three quarters of 2024, the company's gross margin was 49.19%, an increase of 4.80 percentage points year-on-year, while the net profit margin was 71.08%, a decrease of 0.34 percentage points year-on-year [1] - The company expects to achieve net profits of 1.22 billion yuan, 1.50 billion yuan, and 1.96 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of -10.5%, 23.2%, and 30.8% [2][4] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 1.27 yuan, 1.57 yuan, and 2.05 yuan, with price-to-earnings (P/E) ratios of 22x, 18x, and 14x respectively [2][4] Product Development and Market Position - The company is focusing on enhancing its product structure and expanding its presence in the energy source equipment sector, particularly in medical aesthetics, rehabilitation, and urology [2] - The report mentions that the company has successfully launched new products in the medical aesthetics field, including high-frequency electrosurgical devices and shaping magnetic products, which are gaining traction in the maternal and child health channels [1][2]