On October 30th, Gelonghui released a research report stating that Tigermed's revenue and adjusted net profit in the third quarter fell by 12% and 38% respectively year-on-year. The main reasons are twofold: first, due to customer payment pressure leading to bad debts in accounts receivable, and second, due to accounting policy changes, interest income was reclassified. Excluding the impact of about 87 million yuan, adjusted net profit declined by 16% year-on-year and remained flat quarter-on-quarter, falling short of the bank's expectations. The bank lowered its earnings per share forecast for the company for 2024 to 2026 by 7% to 14% to reflect the third quarter performance. The H shares target price was lowered from HK$58.4 to HK$48.6, maintaining an "outperform" rating. The bank anticipates a compound annual growth rate of 11% in revenue for 2024 to 2026 supported by the growth in backlogged orders, and expects a profit compound annual growth rate of 20% during the period, primarily due to potential improvement in profit margins driven by the recovery of average selling prices of domestic projects, cost control, and the low base in 2024.