VISHEE(688580) 国盛证券·2024-11-06 05:23Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company experienced a revenue decline in Q3 2024, primarily due to weak growth in the pelvic floor business, but profit growth outpaced revenue growth due to improved gross margins and reduced operating expenses [2][3]. - New products in magnetic stimulation and shockwave therapy are being launched, enhancing the company's rehabilitation offerings, while the aesthetic medicine segment is beginning to gain traction [1][3]. - The company is expanding its overseas market presence, having received FDA certifications for several products, which is expected to drive future revenue growth [3]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenues of 292 million yuan, a year-on-year decline of 12.06%, and a net profit of 78.17 million yuan, down 23.13% [1]. - In Q3 2024, revenues were 100 million yuan, a decrease of 10.54% year-on-year, while net profit was 28.55 million yuan, down 8.28% [1]. - The gross margin for Q3 2024 was 71.98%, an increase of 0.47 percentage points year-on-year, with a sales expense ratio of 27.74% and a management expense ratio of 9.48% [2]. Revenue and Profit Forecast - The company is projected to generate revenues of 420 million, 489 million, and 571 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -9.2%, 16.5%, and 16.8% [3][4]. - Net profit forecasts for the same years are 120 million, 150 million, and 184 million yuan, with corresponding growth rates of -11.8%, 24.5%, and 23.0% [3][4].