MTM(688029) 国盛证券·2024-11-08 01:17Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - Q3 performance showed steady growth, with revenue reaching 6.79 billion yuan, a year-on-year increase of 13.44%, and net profit attributable to shareholders of 1.41 billion yuan, up 15.06% year-on-year [1] - Overseas markets performed strongly, with revenue from the Americas growing 19.2% year-on-year, and EMEA markets growing 36.5% year-on-year [1] - The company's gross margin improved to 67.06% in Q3, driven by cost reduction and efficiency improvements, as well as strong growth in tumor intervention products [1] - New products, such as visualization devices, are gaining traction in both domestic and international markets, with over 750 units sold domestically and 40 million yuan in sales in overseas markets [1] Financial Performance Summary - For 2024Q1-Q3, the company achieved revenue of 20.12 billion yuan, a year-on-year increase of 15.31%, and net profit attributable to shareholders of 4.51 billion yuan, up 16.70% year-on-year [1] - The company's revenue is expected to grow to 27.88 billion yuan in 2024, 33.81 billion yuan in 2025, and 41.39 billion yuan in 2026, with year-on-year growth rates of 15.6%, 21.3%, and 22.4%, respectively [1] - Net profit attributable to shareholders is projected to reach 5.85 billion yuan in 2024, 7.27 billion yuan in 2025, and 9.09 billion yuan in 2026, with growth rates of 20.4%, 24.2%, and 25.0%, respectively [1] Overseas Market Expansion - The company has been actively expanding its overseas sales channels, including acquiring mature channels in Europe and increasing investment in markets such as Japan and Australia [1] - The construction of a factory in Thailand is accelerating, which is expected to further boost overseas market sales [1] - In Q3, overseas revenue accounted for a significant portion of total revenue, with the Americas contributing 1.44 billion yuan, EMEA contributing 1.24 billion yuan, and Kangyou Medical contributing 730 million yuan [1] New Product Development - Visualization products have seen rapid adoption, with over 750 units sold domestically and 40 million yuan in sales in overseas markets [1] - New products, such as the pancreatic cyst product and the three-arm clip, are progressing well in terms of registration and market access, with the three-arm clip expected to be launched in Japan and approved in Europe by the end of the year [1] - The company's pipeline of new products, including the bile duct micro-instruments, is expected to drive long-term growth, with the bile duct micro-instruments anticipated to receive U.S. approval in Q1 2025 [1]