MYL(SH:600993) Huafu Securities·2024-11-04 12:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark index within the next six months [11]. Core Insights - The company has shown steady growth in Q3 2024, with revenue reaching 8.6 billion, a year-on-year increase of 7%, and net profit of 1.5 billion, up 6% year-on-year [1]. - For the first three quarters of 2024, the company achieved a revenue of 27.9 billion, a 14% increase year-on-year, and a net profit of 4.6 billion, reflecting a 9% growth [1]. - The company's hemorrhoid treatment products have performed well, with a 12.59% increase in revenue for this segment in the first three quarters of 2024, while the health sector has seen over 50% growth [1]. - The company is leveraging its traditional brand value and expanding its product offerings in the anorectal health field, including the successful launch of a hygiene wet wipe series [1]. - The company is enhancing its R&D capabilities, with three products receiving drug registration certificates in Q3 2024, and a reasonable pipeline of innovative drugs under development [1]. Financial Summary - The company is projected to achieve revenues of 37.2 billion, 41.7 billion, and 46.5 billion for the years 2024, 2025, and 2026, respectively, with growth rates of 19%, 12%, and 11% [1]. - Net profits are expected to be 6 billion, 6.8 billion, and 7.8 billion for the same years, with growth rates of 35%, 14%, and 14% [1]. - The company's earnings per share (EPS) is forecasted to be 1.39, 1.58, and 1.80 for 2024, 2025, and 2026, respectively [9][10].