安杰思：Q3业绩稳健增长，海外本土化布局持续推进

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company has shown steady revenue growth in Q3 2024, with a year-on-year increase of 16.34% to reach 163 million yuan, while net profit grew by 13.40% to 73 million yuan. The overall revenue for the first three quarters of 2024 was 427 million yuan, reflecting a 23.53% increase year-on-year [1]. - The slowdown in growth is attributed to domestic procurement policies, but the overseas market is performing well, with significant growth in North America (48.28%) and Asia-Pacific (81.93%) [1]. - The company is actively pursuing localization strategies in overseas markets, with a new subsidiary in the Netherlands set to begin operations and plans for a factory in Thailand expected to start production by Q2 2025 [1]. - The company continues to invest in R&D, with a notable increase in the proportion of R&D personnel, which reached 22.18% by the end of Q3 2024 [1]. Financial Performance Summary - For Q3 2024, the gross margin was 73.07%, an increase of 2.96 percentage points year-on-year. The sales expense ratio decreased to 8.57%, while the R&D expense ratio increased to 9.55% [1]. - The company forecasts revenues of 655 million yuan, 855 million yuan, and 1.12 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 274 million yuan, 348 million yuan, and 445 million yuan [2][11]. - The projected P/E ratios for the next three years are 18X, 14X, and 11X, indicating a favorable valuation trend [1][2].