INKON Life(300143) EBSCN·2024-10-30 09:19Investment Rating - The report maintains a "Buy" rating for Yingkang Life [2][7]. Core Views - The company has shown steady growth in Q3 2024, with revenue reaching 404 million yuan, an increase of 6.55%, and a net profit of 28 million yuan, up 18.59% [1]. - The completion of a private placement by the major shareholder raised 960 million yuan, which will be used to enhance liquidity and support long-term development in both medical services and medical devices [2]. - The company is focusing on dual-driven growth in medical services and medical devices, with plans to improve service capabilities and expand product lines [2]. Summary by Sections Q3 Performance - In Q3 2024, the company achieved operating revenue of 404 million yuan (+6.55%) and a net profit of 28 million yuan (+18.59%) [1]. - The first three quarters of 2024 saw total revenue of 1.228 billion yuan (+11.26%), but net profit decreased to 83 million yuan (-12.24%) [4]. Financial Metrics - The sales expense ratio, management expense ratio, and R&D expense ratio for Q3 2024 were 3.12%, 9.22%, and 2.91%, respectively, showing a decline from the previous year [1]. - The projected net profits for 2024-2026 are estimated at 126 million yuan, 157 million yuan, and 195 million yuan, with corresponding EPS of 0.20, 0.24, and 0.30 yuan, and PE ratios of 53, 43, and 34 times [2]. Major Shareholder Activity - The major shareholder, Qingdao Yingkang Medical Investment Co., Ltd., fully subscribed to the private placement, which is expected to support the company's long-term growth in both medical services and medical devices [2].