乐普医疗：业务调整、制剂去库存导致Q3短期承压，创新产品延续高增

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Views - The company's Q3 performance was under pressure due to business restructuring and inventory clearance in the formulation segment, but innovative products continue to show strong growth [1]. - The cardiovascular interventional business is experiencing steady growth, with structural heart disease products performing exceptionally well [1]. - The report anticipates a recovery in performance in Q4 as inventory clearance nears completion and insulin products are expected to ramp up in hospitals [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 4.785 billion yuan, a year-on-year decline of 23.55%, and a net profit of 803 million yuan, down 40.70% [1]. - In Q3 2024, revenue was 1.402 billion yuan, a decrease of 28.41%, with a net profit of 105 million yuan, down 73.12% [1]. - The gross margin for Q3 2024 was 59.16%, a decrease of 6.40 percentage points year-on-year, while the sales expense ratio increased to 23.13% [1]. Revenue and Profit Forecast - The company is projected to generate revenues of 6.33 billion yuan, 7.11 billion yuan, and 8.08 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -20.7%, 12.4%, and 13.5% [2][10]. - The net profit forecast for the same years is 1.068 billion yuan, 1.205 billion yuan, and 1.413 billion yuan, with year-on-year growth rates of -15.1%, 12.8%, and 17.3% [2][10]. Business Segment Performance - The cardiovascular interventional business generated revenue of 517 million yuan in Q3 2024, up 14.33% year-on-year, with structural heart disease products seeing a revenue increase of 57.26% [1]. - The formulation segment's revenue for the first three quarters was 1.476 billion yuan, down 38.90%, primarily due to inventory clearance [1]. - The medical services and health management segment reported revenue of 746 million yuan, a decline of 23.87%, with the Hefei Cardiovascular Hospital contributing 120 million yuan, an increase of 15.25% [1].