Investment Rating - The investment rating for the company is "Outperform the Market" [4][16]. Core Views - The company has shown stable revenue growth, with a reported revenue of 501 million yuan for the first three quarters of 2024, representing a year-on-year increase of 16.79%. However, the net profit attributable to shareholders decreased by 17.45% to 37 million yuan, primarily due to the impact of share-based payment reversals and significant government subsidies [6][16]. - The company is actively promoting product iterations and expanding its product matrix, with recent launches including the AQ-150 and AQ-120 series endoscope systems, enhancing its offerings in the market [2][10]. Revenue and Profit Forecast - The revenue forecast for 2024-2026 is adjusted to 810 million, 1.02 billion, and 1.27 billion yuan, respectively, with year-on-year growth rates of 20%, 25%, and 25% [3][14]. - The net profit forecast for the same period is revised to 40 million, 100 million, and 190 million yuan, with year-on-year growth rates of -31%, 157%, and 89% [3][16]. Financial Metrics - The gross margin for Q3 2024 is reported at 63.95%, reflecting a decrease of 10.38 percentage points due to changes in accounting standards. The adjusted gross margin for Q3 2023 would have been 65.70% [2][10]. - The company has significantly reduced its expense ratios, with the sales expense ratio at 25.09% (down 5.48 percentage points) and the management expense ratio at 10.95% (down 2.02 percentage points) [2][10]. Market Environment - The soft endoscope industry is experiencing a sluggish bidding environment due to industry restructuring and slow implementation of equipment update policies. However, it is expected that the market conditions will gradually improve starting in 2025 as adverse factors are cleared [3][16].
澳华内镜：短期增长承压，期待招标逐季改善