Canature Health(SZ:300272)2024-10-31 01:16Investment Rating - The report maintains an "Outperform" investment rating for the company, indicating a positive outlook compared to the market [5][7]. Core Insights - The company's domestic sales market is experiencing a downturn, while its overseas sales system is mature, primarily driven by replacement demand. The profit forecast for 2024-2026 has been revised downwards, with expected net profits of 96 million, 154 million, and 187 million yuan, respectively, reflecting year-on-year changes of -28%, +61%, and +21% [5][6]. - The company's financial performance in the first three quarters of 2024 was below expectations, with revenue of 1.254 billion yuan, a 1% increase year-on-year, and a net profit of 84 million yuan, a 35% decline year-on-year [7][8]. - The company is focusing on expanding its second growth curve through the production of reverse osmosis (RO) membrane water purifiers, with an expected increase in capacity of 700,000 units following the issuance of convertible bonds [8][9]. Financial Data Summary - As of September 30, 2024, the company reported a closing price of 6.58 yuan, a market capitalization of 2.837 billion yuan, and a price-to-earnings ratio of 24.6 times [4][5]. - The projected total revenue for 2024 is 1.716 billion yuan, with a year-on-year growth rate of 2.6%. The net profit for 2024 is expected to be 96 million yuan, reflecting a year-on-year decrease of 27.7% [6][10]. - The gross profit margin remains stable, with a slight decline in Q3 due to raw material costs, while the net profit is impacted by losses from subsidiaries and foreign exchange losses [9][10].