澳华内镜：收入端小幅增长，股份支付费用冲回使Q3净利润有所改善

Investment Rating - The report maintains an "Accumulate-B" rating for the company [1]. Core Views - The company reported a slight revenue growth of 16.79% year-on-year for the first three quarters of 2024, achieving a total revenue of 501 million yuan. However, the net profit attributable to shareholders decreased by 17.45% to 37.30 million yuan [1]. - The improvement in net profit for Q3 was attributed to the reversal of share-based payment expenses and receipt of significant government subsidies [1]. - The company has strengthened its marketing system and brand influence, leading to increased recognition of its AQ-300 product in clinical settings [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 501 million yuan, a year-on-year increase of 16.79% [1]. - The net profit attributable to shareholders was 37.30 million yuan, a decrease of 17.45% year-on-year, while the non-deducted net profit dropped by 55.24% to 14.81 million yuan [1]. - The basic earnings per share (EPS) for the period was 0.28 yuan, down 17.65% year-on-year [1]. - The company expects to achieve revenues of 814 million, 1.022 billion, and 1.374 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 20.0%, 25.6%, and 34.5% [2][3]. Valuation Metrics - The projected P/E ratios for the company are 101.4, 55.6, and 35.1 for 2024, 2025, and 2026 respectively [2]. - The projected EPS for the same years are 0.52, 0.95, and 1.51 yuan [2]. - The company’s gross margin is expected to be around 70.3% in 2024, improving to 72.6% by 2026 [2].