澳华内镜：短期业绩承压，招标回暖看好后续业绩改善

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [10]. Core Views - The company reported a revenue of 501 million yuan for the first three quarters of 2024, representing a year-on-year increase of 16.8%, while the net profit attributable to shareholders decreased by 17.5% to 37 million yuan [1]. - The third quarter saw a revenue of 147 million yuan, up 5.4% year-on-year, with a significant net profit increase of 345.2% to 32 million yuan, attributed to the reversal of previously accrued share-based payment expenses and government subsidies [1][2]. - The company is expanding its product pipeline into new medical fields and has introduced innovative products that are expected to enhance clinical capabilities [2]. - The company is actively participating in government-led medical initiatives and training programs, which are expected to support its market presence and growth [2]. - The report anticipates a recovery in bidding activities, which is expected to improve the company's performance in the near future [2]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are 836 million yuan, 1.1 billion yuan, and 1.455 billion yuan respectively, with a compound annual growth rate (CAGR) of 29% [3]. - The net profit for 2024 is estimated at 57 million yuan, with a slight decrease from 2023, followed by a significant increase to 100 million yuan in 2025 and 153 million yuan in 2026 [3]. - The earnings per share (EPS) is projected to be 0.42 yuan in 2024, increasing to 0.74 yuan in 2025 and 1.14 yuan in 2026 [3]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 118.3 in 2024 to 44.1 in 2026, indicating improving valuation metrics over time [3].