福瑞股份：业绩增长符合预期，MASH药物“卖水人”静待花开

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's performance growth aligns with expectations, with a revenue of 980 million yuan for the first three quarters of 2024, representing a year-on-year increase of 21.42%. The net profit attributable to shareholders reached 102 million yuan, up 39.42% year-on-year [1]. - The MASH drug industry is undergoing transformation, with FibroScan recognized as the preferred diagnostic tool for MASH. The approval of new drugs and the increasing demand for liver disease diagnostics are expected to drive the company's long-term growth [2]. Financial Summary - For 2024-2026, the company's net profit is projected to be 162 million yuan, 248 million yuan, and 373 million yuan, with corresponding growth rates of 59.6%, 53.2%, and 50.2% respectively. The price-to-earnings ratios are estimated at 63X, 41X, and 27X [3]. - The financial indicators for the company are as follows: - Revenue (million yuan): 1,450 in 2024E, 1,920 in 2025E, and 2,580 in 2026E, with growth rates of 25.7%, 32.4%, and 34.4% respectively [4]. - Net profit (million yuan): 162 in 2024E, 248 in 2025E, and 373 in 2026E, with growth rates of 59.6%, 53.2%, and 50.2% respectively [4]. - Earnings per share (EPS): 0.61 in 2024E, 0.93 in 2025E, and 1.40 in 2026E [4].