威高骨科：首次覆盖：营收利润全面恢复增长，业绩修复超预期

Investment Rating - The report assigns an "Overweight" rating to Weigao Orthopedics (688161 SH) for the first time [3][7] Core Views - Weigao Orthopedics' revenue and net profit have fully recovered and exceeded expectations in Q3 2024 [3] - Q1-Q3 revenue reached RMB 1 083 million up 0 07% YoY - Q1-Q3 net profit attributable to shareholders reached RMB 164 million up 34 66% YoY - Q3 revenue reached RMB 333 million up 20 06% YoY - Q3 net profit attributable to shareholders reached RMB 71 1633 million up 594 19% YoY - The company has significantly improved its sales and distribution capabilities with multiple product lines showing substantial sales growth [4] - Spine product line sales volume increased 36 17% YoY in Q1-Q3 - Trauma product line sales revenue increased 16 25% and sales volume increased 18 45% YoY in Q1-Q3 - Joint product line sales revenue increased 23 12% and sales volume increased over 27 37% YoY in Q1-Q3 - Sports medicine product line sales revenue reached RMB 28 538 million up over 11 times YoY in Q1-Q3 - The company is actively expanding overseas business with rapid growth [5] - Overseas trade increased 52% YoY - Focused on regional strategies and product registration in key countries - The company has diversified its R&D layout with multiple new products approved [6] - New products include "Occipitocervicothoracic Posterior Spinal Fixation System" "Plasma Surgical Equipment" and "Disposable Annulus Fibrosus Suture Device" Financial Forecasts - Revenue and profit projections for 2024-2026 [7][10] - 2024E revenue: RMB 1 418 million (+10 4% YoY) - 2025E revenue: RMB 1 680 million (+18 5% YoY) - 2026E revenue: RMB 2 016 million (+20 0% YoY) - 2024E net profit attributable to shareholders: RMB 232 million (+106 9% YoY) - 2025E net profit attributable to shareholders: RMB 310 million (+33 5% YoY) - 2026E net profit attributable to shareholders: RMB 360 million (+16 1% YoY) - Valuation metrics [7][10] - 2024E EPS: RMB 0 58 - 2025E EPS: RMB 0 78 - 2026E EPS: RMB 0 90 - 2024E PE: 49 69x - 2025E PE: 37 22x - 2026E PE: 32 07x Financial Performance - Key financial indicators for 2023A and 2024-2026E [10][13] - Gross margin: 66 5% (2023A) 64 7% (2024E) 64 5% (2025E) 64 4% (2026E) - ROE: 2 9% (2023A) 5 8% (2024E) 7 4% (2025E) 8 1% (2026E) - Net profit margin: 8 8% (2023A) 16 4% (2024E) 18 5% (2025E) 17 9% (2026E) - ROIC: 4 5% (2023A) 10 1% (2024E) 12 0% (2025E) 14 6% (2026E)