Investment Rating - The investment rating for the company is "Accumulate" and is maintained [2]. Core Views - The company achieved a revenue of 527 million yuan in Q3 2024, representing a year-on-year growth of 11.88%, while the net profit attributable to the parent company was 173 million yuan, down 5.16% year-on-year [3]. - The company maintains a steady double-digit revenue growth rate, although profits have slightly declined. The gross margin for Q3 2024 was 82.1%, an increase of 0.5 percentage points year-on-year, while the sales expense ratio rose by 7.7 percentage points due to increased investment in direct e-commerce channels [3][4]. - The company has made progress in the clinical trials of its recombinant type III humanized collagen protein products, which is expected to enrich its future aesthetic medicine product line [4]. - The company has multiple products with annual sales exceeding 100 million yuan and has expanded its online channels significantly this year, which is expected to drive steady growth in business scale and stabilize profitability in the future [5]. Financial Summary - For 2024, the company is projected to have an EPS of 1.81 yuan, with estimates of 2.08 yuan and 2.30 yuan for 2025 and 2026, respectively [5][11]. - The total revenue is expected to grow from 1,934 million yuan in 2023 to 2,573 million yuan by 2026, with a consistent gross margin of around 82% [11].
敷尔佳2024年三季报点评：收入增长提速，重组胶原蛋白三类器械获得进展