爱博医疗：Q3收入端延续高增长，定增扩张美瞳产能，未来可期

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company reported a strong revenue growth of 60.94% year-on-year for the first three quarters of 2024, reaching 1.075 billion yuan, with a net profit of 318 million yuan, up 26.04% year-on-year [1] - The growth in revenue is primarily driven by the continuous increase in surgical treatment and myopia prevention services, as well as rapid growth in vision care services [1] - The company is expanding its production capacity for contact lenses through a 300 million yuan private placement, which will enhance its production capabilities and support future growth [1] - The gross margin for Q3 2024 was 63.95%, a decrease of 14.99 percentage points year-on-year, attributed to the increased revenue share from lower-margin contact lens products [1] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 390 million yuan, a year-on-year increase of 49.11%, and a net profit of 110 million yuan, up 23.38% year-on-year [1] - The company’s operating expenses were well-controlled, with a sales expense ratio of 11.25% (down 8.55 percentage points year-on-year) and a management expense ratio of 11.18% (down 0.13 percentage points year-on-year) [1] - The company forecasts revenues of 1.392 billion yuan, 1.890 billion yuan, and 2.453 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 393 million yuan, 513 million yuan, and 663 million yuan [2][1] Market Position and Expansion - The company has established a comprehensive domestic sales network covering over 6000 hospitals and vision centers across 31 provinces and municipalities [1] - The company is also expanding its overseas market presence, with products exported to over 30 countries, including Germany, France, and the UK [1] - The company is in the process of expanding its production lines to meet the high demand for contact lenses, with plans to increase production capacity significantly [1]