收入、利润增速亮眼，连续三季度实现同环比增长报告期内，公司实现营业收入1.91 亿元（+30.98%），归母净利润0.53亿元（+107.68%），总体略超预期，利润表现尤为亮眼。单季度看，公司1Q24/2Q24/3Q24 营业收入分别实现0.57/0.65/0.69 亿元，归母净利润分别实现0.15/0.17/0.20 亿元，连续三季度呈现同环比增长。报告期内，公司脑膜产品在安徽省、辽宁联盟和陕西联盟集采中成功中标，在江苏成功续标，结合产品及价格优势，产品市场份额得到进一步扩大；公司颅颌面修补及固定系统中选河南省际联盟集采，公司可吸收再生氧化纤维素止血产品中选内蒙古省际联盟，各省集采落地进一步加速了公司产品的市场渗透率。Incidents:
On October 29, 2024, the company released its report for the third quarter of 2024. During the reporting period, the company achieved operating income of 0.191 billion yuan (+30.98%), net profit of 0.053 billion yuan (+107.68%), deducted non-net profit of 0.046 billion yuan (+108.37%); in the single third quarter, the company achieved operating income of 0.069 billion yuan (+14.70%), net profit to mother 0.02 billion yuan (+50.83%), net profit of 0.018 billion yuan (+44.96%) .
Comment:
Revenue and profit growth rates were impressive. During the reporting period, which achieved year-on-month growth for three consecutive quarters, the company achieved operating income of 0.191 billion yuan (+30.98%) and net profit to mother of 0.053 billion yuan (+107.68%). Overall, it slightly exceeded expectations, and profit performance was particularly impressive. Looking at a single quarter, the company's 1Q24/2Q24/3Q24 revenue reached 0.057/0.069 billion yuan, respectively, and net profit to mother reached 0.015/0.017/0.02 billion yuan, respectively, showing year-on-month growth for the third consecutive quarter. During the reporting period, the company successfully won the bid for its meningeal products in Anhui Province, the Liaoning Union and Shaanxi Alliance, and successfully renewed the bid in Jiangsu. Combined with product and price advantages, the product market share was further expanded; the company selected Henan Interprovincial Alliance for craniofacial repair and fixation systems, and the company selected Inner Mongolia Interprovincial Alliance from among the products that can absorb regenerated cellulose oxide for hemostasis. The collection and implementation in various provinces further accelerated the market penetration rate of the company's products.
Continuing to deepen the field of neurosurgery, diversifying its product portfolio, or during the reporting period, the company's hard brain (spine) membrane patch, absorbable hard brain (ridge) membrane patch, and absorbable regenerated cellulose oxide (hemostatic yarn) were granted EU MDR certification, further deepening the company's ability to go overseas. As of the 2024 mid-year report, the company's overseas revenue accounted for 20.82%, and export products are still concentrated in meningeal varieties. We believe that the MDR approval for multiple products is beneficial to leveraging the overseas high-consumption medical market, more in line with the high-end product positioning of the company's existing products, and further increasing the share of overseas revenue. In addition, the company continues to invest in research and development of new projects such as oral repair masks and new indications for hemostatic yarn, and combines diversified products to create a second growth curve. We believe that in the domestic market, the company is expected to continue to take advantage of the volume and price advantage after collection and maintain a steady revenue growth rate; accelerate brand promotion overseas, expand the high-end market for absorbable hemostatic yarn and dural medical glue, and welcome rapid overseas revenue growth in the next 2-3 years.
Investment advice: Maintaining a “buy” rating
The company's 2024-2026 revenue is expected to reach 0.318/0.412/0.51 billion yuan, up 37.6/29.8/ 23.8% year on year; net profit to mother will reach 0.067/0.097/0.137 billion yuan, up 63.9/45.2/ 41.0% year on year; corresponding EPS will be 1.01/1.47/2.08 yuan; and corresponding PE multiples will be 47/32/23X. Maintain a “buy” rating.
Risk warning
Product development progress falls short of expectations, internationalization falls short of expectations, and market competition heightens risks.
