Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady revenue growth, with a continued increase in the proportion of high-margin products [1] - In Q3 2024, the company achieved revenue of 690 million yuan, representing a year-over-year growth of 14.09%, with a further acceleration in revenue growth compared to Q2 2024 [1] - The gross margin for Q3 2024 was 52.97%, an increase from Q2 2024, primarily driven by improved margins in health monitoring products [1] - The company is actively exploring new high-demand products and leveraging its channel advantages, including a strategic partnership to launch a continuous glucose monitoring system [1] - The company has a strong online presence, utilizing various e-commerce platforms to cater to diverse consumer needs and preferences [1] Financial Summary - For the first three quarters of 2024, the company reported revenue of 2.249 billion yuan (up 5.87% year-over-year) and a net profit attributable to shareholders of 252 million yuan (up 4.12% year-over-year) [1] - The company forecasts revenues of 3.207 billion yuan, 3.686 billion yuan, and 4.349 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 12.4%, 15.0%, and 18.0% [1][6] - The projected net profit attributable to shareholders for the same years is 357 million yuan, 469 million yuan, and 579 million yuan, with growth rates of 40.6%, 31.2%, and 23.5% [1][6] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 1.71 yuan, 2.24 yuan, and 2.77 yuan, respectively [1][6] Key Financial Metrics - The company’s gross margin is expected to improve from 51.1% in 2024 to 52.2% in 2026 [6] - The return on equity (ROE) is projected to increase from 6.8% in 2024 to 9.2% in 2026 [6] - The price-to-earnings (P/E) ratio is forecasted to decrease from 30.56 in 2024 to 13.74 in 2026 [6]
可孚医疗：收入增长稳健，高毛利产品占比持续提升