三友医疗（688085）：集采出清国内快速恢复，自主品牌加速出海

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown a recovery in domestic sales following the clearance of centralized procurement, with a significant increase in the volume of spinal and ultrasound bone knife products. The company is also accelerating its international expansion with its own brand [1][2] - The report highlights that the company achieved a revenue of 333 million yuan in the first three quarters of 2024, a year-on-year decrease of 7.3%, and a net profit attributable to the parent company of 9 million yuan, down 87.07% year-on-year [1] - The company is expected to see revenue growth in the coming years, with projections of 500 million yuan in 2024, 681 million yuan in 2025, and 902 million yuan in 2026, reflecting a growth rate of 9%, 36%, and 32% respectively [1][2] Financial Performance Summary - Revenue (in million yuan): - 2022: 649 - 2023: 460 - 2024E: 500 - 2025E: 681 - 2026E: 902 - Year-on-year growth rates: - 2022: 9% - 2023: -29% - 2024E: 9% - 2025E: 36% - 2026E: 32% [1] - Net profit attributable to the parent company (in million yuan): - 2022: 191 - 2023: 96 - 2024E: 35 - 2025E: 102 - 2026E: 134 - Year-on-year growth rates: - 2022: 2% - 2023: -50% - 2024E: -63% - 2025E: 191% - 2026E: 31% [1] - Earnings per share (in yuan): - 2022: 0.84 - 2023: 0.38 - 2024E: 0.14 - 2025E: 0.41 - 2026E: 0.54 [1] Market and Product Insights - The report notes that the implementation of centralized procurement for spinal materials has led to a decrease in terminal sales prices, causing fluctuations in the company's gross profit margin. The gross profit margin for the first three quarters of 2024 was 69.68%, down 10.38 percentage points year-on-year [1] - The company is focusing on the development of new products, including the ultrasound bone knife and orthopedic surgical robots, which are expected to contribute to future revenue growth [1] - The acquisition of the French company Implanet and the establishment of the Zeus spinal fixation system brand in France, along with the Jazz Spinal System in the US, indicates the company's commitment to expanding its high-end market presence internationally [1][2]