开立医疗：2024Q3业绩仍承压，静待设备更新落地

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing pressure on its performance in Q3 2024, with a focus on the upcoming equipment updates [1] - Despite short-term challenges due to domestic procurement pressures, the company is expected to maintain strong profitability and growth potential in the medium to long term [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 1.398 billion yuan, a year-over-year decrease of 4.74%, with a net profit attributable to shareholders of 109 million yuan, down 66.01% year-over-year [1] - In Q3 2024, the company reported revenue of 386 million yuan, a year-over-year decline of 9.18%, and a net profit attributable to shareholders of -62 million yuan, indicating a loss compared to the previous year [1] - The company’s revenue is projected to reach 2.115 billion yuan in 2024, with a slight decline of 0.3% year-over-year, followed by growth of 19.4% and 17.7% in 2025 and 2026, respectively [4][7] - The net profit attributable to shareholders is expected to be 204 million yuan in 2024, reflecting a significant decline of 55.0%, followed by a recovery with projected profits of 417 million yuan and 597 million yuan in 2025 and 2026, respectively [4][7] Operational Insights - The company is focusing on strategic investments and talent acquisition to support future growth, particularly in minimally invasive surgery and cardiovascular intervention [1] - The company’s operating expenses for the first three quarters of 2024 included sales, management, and R&D expenses totaling 4.59 billion yuan, 1.01 billion yuan, and 3.38 billion yuan, respectively, with year-over-year increases in their respective proportions of revenue [1] Market Position and Outlook - The company is recognized as a leading player in the ultrasound field, with its endoscope segment entering a rapid growth phase while maintaining stable growth in ultrasound [2] - The company is expected to benefit from a significant number of equipment update projects entering the procurement process in mid-2024, which will help stabilize revenue trends [1]