公司收入保持稳健增长趋势，利润端表现优异。公司前三季度收入端保持稳健增长趋势，单Q3收入有所降速预计主要因为国内环境影响，海外仍然保持快速增长趋势。公司单三季度实现毛利率73.07%，环比同步均略有提升，处于高位水平，公司持续推动自动化和降本增效工作，同时公司新产能投放车间已于2024年Q1完成搬迁并投产，随着产量提升，成本有望摊销，更好应对市场竞争。公司单三季度销售费用率8.57%（ -1.49% ） ， 管理费用率7.78% （ +0.23% ） ， 研发费用率9.55%（+2.26%），公司销售费用率、管理费用率保持与收入同步，研发端加大投入保障成长，净利润率保持高位水平，经营质量不断提升。Matters:
The company announced the 2024 three-quarter report. In the first three quarters, it achieved operating income of 0.427 billion yuan, +23.5% year over year, realized net profit to mother 0.197 billion yuan, +37.9% year on year, and realized net profit deducted from non-mother 0.192 billion yuan, or +36.5% year over year. Single Q3 achieved revenue of 0.163 billion yuan, +16.3% YoY; Q3 achieved net profit of 73 million yuan, +13.4% YoY; realized net profit of 71.6 million yuan after deduction, or +12.6% YoY.
Ping An's point of view:
The company's revenue maintained a steady growth trend, and the profit side performed excellently. The company's revenue side maintained a steady growth trend in the first three quarters. Revenue deceleration in Q3 is expected to decelerate mainly due to the impact of the domestic environment, and overseas will continue to maintain a rapid growth trend. The company achieved a gross profit margin of 73.07% in the third quarter, with a slight increase over the same period. It is at a high level. At the same time, the company continues to promote automation and cost reduction and efficiency. At the same time, the company's new production capacity investment workshop was relocated and put into operation in Q1 of 2024. As production increases, costs are expected to be amortized to better cope with market competition. The company's sales expense ratio for the third quarter was 8.57% (-1.49%), the management expense ratio was 7.78% (+0.23%), and the R&D expense ratio was 9.55% (+2.26%). The company's sales expenses rate and management expenses ratio remained in sync with revenue, the R&D side increased investment to guarantee growth, the net profit margin remained at a high level, and the quality of operations continued to improve.
The company continues to promote iterative product development to ensure long-term growth. The company attaches great importance to product R&D innovation, continues to increase R&D investment, and focuses on projects such as endoscopic diagnosis and treatment, optical fiber imaging technology, and auxiliary robots. Based on solid research and development, the company has successively launched replaceable hemostatic clips. Among them, the suture clip and three-prong clip will enter the registration stage, and the 5th and 6th generation clips are under development.
In the ERCP field, the company introduced an innovative coated guide wire. The product is directly finer, more rigid, and has improved the intubation rate, and has been promoted in the global market. The promotion of bipolar treatment systems in the market, clinical “third hand” traction clips, and third-generation water pumps are organically combined to form a convenient and effective ESD surgery solution. At the same time, the company helps the company to continuously develop overseas markets and continue to open up room for growth through innovative products that meet clinical needs.
Maintain a “Recommended” rating. The company's business is progressing steadily. We maintain the 2024-2026 net profit forecast of 0.268, 0.34, and 0.438 billion yuan. The company is a leading enterprise in the field of digestion with outstanding performance, insists on product innovation and R&D leading growth, future development can be expected, and maintains a “recommended” rating.
Risk warning: 1) domestic medical environment policy risk; 2) risk of price reduction in collection; 3) risk of new product promotion falling short of expectations; 4) risk of overseas expansion falling short of expectations.
