福瑞股份：股权激励费用扰动Q3利润，FibroScan放量可期

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 980 million yuan for the first three quarters of 2024, representing a year-on-year growth of 21.42%, with a net profit attributable to shareholders of 102 million yuan, up 39.42% year-on-year [1] - In Q3 2024, the company achieved a revenue of 337 million yuan, a year-on-year increase of 19.37%, but the net profit attributable to shareholders decreased by 9.22% due to the impact of stock incentive expenses [2][4] - The demand for NASH (Non-Alcoholic Steatohepatitis) diagnosis is expected to grow rapidly, with the FibroScan product line anticipated to see increased sales [3] - The pharmaceutical segment showed a recovery with a revenue of 197 million yuan in the first half of 2024, reflecting a year-on-year increase of 52.32% [4] Financial Performance Summary - For Q3 2024, the company incurred stock incentive expenses of 16.63 million yuan, which significantly impacted the reported profits [2] - The company expects net profits for 2024, 2025, and 2026 to be 166 million yuan, 290 million yuan, and 407 million yuan respectively, with growth rates of 63%, 74%, and 40% [4] - The projected revenue for 2024 is 1.441 billion yuan, with a year-on-year growth rate of 24.90% [5] - The company’s total market capitalization is approximately 10.33 billion yuan, with a circulating market capitalization of about 9.07 billion yuan [1]