CHISON MEDICAL(688358) 太平洋·2024-11-13 04:21Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [7][11]. Core Views - The company reported a revenue of 362 million yuan for the first three quarters of 2024, a year-on-year decrease of 9.85%, while the net profit attributable to shareholders was 98 million yuan, down 30.42% year-on-year [3]. - In Q3 2024, the company achieved a revenue of 115 million yuan, representing a year-on-year growth of 8.79%, although the net profit decreased by 42.09% [3]. - The company has launched the SonoFamily series of products, showcasing its commitment to innovation in the ultrasound field [4]. - A stock incentive plan was announced, indicating strong confidence in future performance, with targets set for gross profit over the next three years [5]. Financial Summary - The company’s total revenue projections for 2024-2026 are 509 million, 616 million, and 709 million yuan, with expected growth rates of 5%, 21%, and 15% respectively [7]. - The net profit forecasts for the same period are 137 million, 169 million, and 205 million yuan, with growth rates of -6%, 23%, and 21% respectively [7]. - The comprehensive gross margin for the first three quarters of 2024 was 59.15%, a decrease of 1.02 percentage points year-on-year [6]. - The company’s overall net profit margin decreased by 8.03 percentage points to 27.17% in the first three quarters of 2024 [6]. Market Position and Strategy - The company is focused on technological innovation and exploring new applications in the ultrasound field, including partnerships for vascular access solutions and applications in traditional Chinese medicine [4]. - The company is actively expanding its marketing efforts, which has led to increased sales and management expenses [6].