澳华内镜：业绩符合预期，招采逐步恢复

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company's performance meets expectations, with a continuous improvement in procurement expected in the fourth quarter. In Q3 2024, the company reported revenue of 147 million yuan, a year-on-year increase of 5.39%, and a net profit attributable to shareholders of 32 million yuan, a significant year-on-year increase of 345.17% [4][5]. - The substantial growth in net profit is primarily due to the reversal of previously accrued share-based payment expenses, as the company anticipates that its operational results for 2024 will not meet the conditions for restricted stock vesting [4][5]. - The company is expected to maintain a high growth rate in its performance moving forward, supported by the advancement of equipment renewal policies and the recovery of bidding procurement [4][5]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 501 million yuan, a year-on-year increase of 16.79%. However, the net profit attributable to shareholders decreased by 17.45% to 37.3 million yuan, and the net profit excluding non-recurring items decreased by 55.24% to 14.81 million yuan [4][5]. - The company has launched new products, including electronic endoscopes for various medical fields, enhancing its product offerings and market reach [5][6]. - The company is committed to continuous research and development, introducing innovative products that have gained clinical recognition, which is expected to drive future revenue growth [5][6]. Future Projections - The company is projected to achieve revenues of 814 million yuan, 1 billion yuan, and 1.25 billion yuan for the years 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 58 million yuan, 75 million yuan, and 97 million yuan for the same years [6][10]. - The current stock price corresponds to price-to-earnings ratios of 124, 97, and 74 times for the years 2024, 2025, and 2026, respectively, indicating a favorable investment outlook [6].