Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported a year-on-year increase in profit for Q3, with gross margin continuing to improve. The gross margin for the first three quarters was 49.8%, 51.6%, and 53% respectively, showing a year-on-year change of -1.3, +12.1, and +9.4 percentage points [2] - The company is expected to focus on core products and self-manufactured products, with a rich product pipeline and potential for rapid improvement in profitability [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 2.25 billion yuan (up 5.9% year-on-year) and a net profit attributable to shareholders of 250 million yuan (up 4.1% year-on-year) [1] - The quarterly revenue for Q1 to Q3 was 810 million, 750 million, and 690 million yuan, with year-on-year changes of -5.6%, +13.2%, and +14.1% respectively [1] - The net profit attributable to shareholders for Q1 to Q3 was 100 million, 80 million, and 70 million yuan, with year-on-year changes of -24.8%, +30.1%, and +55.5% respectively [1] Earnings Forecast and Valuation - The forecasted net profit attributable to shareholders for 2024, 2025, and 2026 is 380 million, 470 million, and 570 million yuan, with growth rates of 50.1%, 22.5%, and 22.3% respectively [3] - The current price-to-earnings (P/E) ratios for the years 2024, 2025, and 2026 are projected to be 21X, 17X, and 14X respectively [3] Market Performance - As of November 1, 2024, the closing price of the stock was 37.80 yuan, with a one-year high of 47.50 yuan and a low of 25.50 yuan [1]
可孚医疗：Q3利润同比高增，毛利率持续提升