Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's revenue and profit for Q3 2024 met expectations, with strong online growth continuing [2] - For the first three quarters of 2024, the company achieved revenue of 2.249 billion (yoy +5.87%) and a net profit of 252 million (yoy +4.12%) [2] - Q3 2024 revenue reached 690 million (yoy +14.09%) and net profit was 67 million (yoy +55.51%) [2] - The gross margin for Q1-Q3 2024 was 51.38% (+6.02 percentage points), while the net margin was 11.2% (-0.21 percentage points) [2] - The company is expected to see accelerated profit growth due to consumption recovery and the profitability of its hearing aid chain business [2] Financial Summary - Revenue (in million) for 2022A, 2023A, and projected for 2024E, 2025E, and 2026E: 2,977, 2,854, 3,113, 3,725, 4,481 [3] - Net profit (in million) for the same years: 302, 254, 360, 450, 561 [3] - Gross margin (%) is projected to increase from 39.5% in 2022A to 52.7% in 2026E [3] - EPS (in yuan) is expected to rise from 1.44 in 2022A to 2.68 in 2026E [3] - The current P/E ratios are 22.7 for 2024E, 18.2 for 2025E, and 14.6 for 2026E [3] Business Development - The company has launched over 40 new products, enhancing its core product competitiveness and solidifying its market position [2] - The hearing aid business generated revenue of 133 million in H1 2024, reflecting a growth of 33% [2] - The company is expanding its retail network, with 814 hearing aid fitting centers opened by H1 2024, covering 20 provincial markets and 128 prefecture-level markets [2]
可孚医疗：公司信息更新报告：2024Q3收入利润符合预期，线上增长依旧强劲