Xiangyu Medical(688626) 中原证券·2024-11-04 12:00Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a projected relative increase of 5% to 15% compared to the CSI 300 index over the next six months [3][9]. Core Insights - The company is a leading R&D enterprise in the domestic rehabilitation medical device industry, with a focus on assessment, training rehabilitation, physiotherapy devices, nursing equipment, and assistive devices. As of Q3 2024, the company has obtained 336 medical device registration certificates and has 1,817 patents [3][4]. - For the first three quarters of 2024, the company reported a revenue of 507 million yuan, a year-on-year decline of 6.5%, and a net profit attributable to shareholders of 73.41 million yuan, down 59.02% year-on-year. The third quarter alone saw a revenue of 169 million yuan, down 18.51% year-on-year [3][4]. - The comprehensive gross margin for the first three quarters of 2024 was 66.86%, a decrease of 1.72 percentage points from the previous year, while the net profit margin fell by 18.78 percentage points to 14.48% [4]. - The report projects a downward revision of the company's EPS to 0.65 yuan for 2024, 1.20 yuan for 2025, and 1.38 yuan for 2026, with corresponding dynamic P/E ratios of 44.57, 23.99, and 20.86 respectively [4]. Financial Performance Summary - The company’s revenue for 2024 is estimated at 687 million yuan, reflecting a decrease of 7.76% compared to 2023, with a projected net profit of 103 million yuan, down 54.44% year-on-year [6]. - The company’s total assets are projected to reach 2.731 billion yuan in 2024, with a debt ratio of 21.87% [7]. - The report indicates that the company has maintained its investment in R&D, with R&D expenses accounting for 20.55% of total revenue in the first three quarters of 2024, an increase of 7.09 percentage points from the previous year [4][7].