威高骨科：2024三季报点评：利润超预期，业绩趋势向好

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Insights - The company reported a total revenue of 1.083 billion yuan for the first three quarters of 2024, reflecting a slight increase of 0.07% year-on-year, and a net profit attributable to shareholders of 164 million yuan, which is a significant increase of 34.66% [2] - In Q3 alone, the company achieved a revenue of 333 million yuan, representing a year-on-year growth of 20.06%, while the net profit for the quarter surged by 594.19% to 71 million yuan [2][3] - The gross margin for Q3 was 66.01%, with a net margin of 21.72%, showing improvements in profitability despite slight fluctuations in gross margin due to market dynamics [3] Financial Forecasts and Valuation - The company is expected to see a gradual increase in market share and stable growth in performance, with projected net profits of 231 million yuan, 351 million yuan, and 415 million yuan for 2024, 2025, and 2026 respectively [3] - Corresponding P/E ratios for these years are estimated at 51, 34, and 29 times, indicating a favorable valuation outlook [3] - The report highlights a decrease in sales expense ratio, contributing to the recovery of net profit margins [3] Revenue and Profit Trends - The total revenue forecast for the company is set to increase from 1.284 billion yuan in 2023 to 2.077 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 20.80% [1][9] - The net profit is projected to grow from 112 million yuan in 2023 to 415 million yuan in 2026, reflecting a robust growth trajectory [1][9] Market Data - The company's closing price is reported at 29.74 yuan, with a market capitalization of approximately 11.896 billion yuan [5] - The stock has experienced a price range between 18.54 yuan and 43.34 yuan over the past year [5]