单Q3 营收、业绩均承压。分季度来看，公司2024Q1-3 分别实现营收3.31、5.99、6.48 亿元，同比增速分别为-18.57%、6.87%、-6.11%；实现归母净利润1.01、1.71、1.78 亿元，同比增速分别为-19.30%、-22.71%、-17.88%。公司单三季度仍承压，与口腔医疗行业受宏观经济景气度资本开支下降有关。Description of the event
The company released its results report for the third quarter of 2024. 2024Q1-3 achieved revenue of 1.578 billion yuan, a decrease of 4.78%; realized net profit due to mother of 0.45 billion yuan, a decrease of 20.09%; and realized net profit deducted from non-mother of 0.44 billion yuan, a decrease of 20.14%.
Incident reviews
In Q3, revenue and performance were under pressure. On a quarterly basis, in 2024Q1-3, the company achieved revenue of 0.331, 0.599, and 0.648 billion yuan, respectively, with year-on-year growth rates of -18.57%, 6.87%, and -6.11%, respectively; net profit to mother of 0.101, 0.171, and 0.178 billion yuan, with year-on-year growth rates of -19.30%, -22.71%, and -17.88%, respectively. The company was still under pressure in the third quarter, which is related to the decline in capital expenditure due to macroeconomic sentiment in the dental care industry.
Gross margins are under pressure, and expense ratios have risen. In 2024Q1-3, the company's gross margin decreased by 1.80 pct to 50.45%, of which the gross margin for the third quarter decreased by 2.06 pcts to 49.82%. In terms of cost ratio, the company's expense ratio also increased by 4.46 pct to 20.39% during the Q1-3 period, of which the sales expense ratio also increased 2.19 pct to 11.83%; the management expense ratio increased 0.31 pct to 4.55%; the financial cost ratio also increased by 1.13 pct to -1.99%; and the R&D cost ratio also increased by 0.82 pct to 6%.
CBCT sales have surpassed 20,000 units, and the industry is expected to bottom up. On October 24, the Shanghai Dental Exhibition DenTechChina2024 opened. During the exhibition, Meiya Dental CBCT also ushered in an important moment when sales exceeded 20,000 units. Looking ahead, on the demand side, we believe that as the population ages, the trend of equipment ownership in the industry will continue to rise, but macroeconomic pressure may cause the growth rate of equipment ownership to slow down, which is an important reason for the decline in industry demand in recent years. At the same time, the continued increase in industry equipment ownership is also expected to drive demand for renewal. CBCT overseas sales are also expected to bring new markets, and industry sales are expected to rise steadily. On the price side, the overall price system is expected to remain stable as the second- and third-tier small brands gradually come out.
New medical equipment products are expected to create new growth points. In terms of new medical equipment, navigation devices for spinal surgery have been exemplary promoted in many hospitals and successfully assisted in the execution of more than 200 surgeries; mobile head CT has been clinically applied in many hospitals and has achieved good clinical results. The company is continuing to increase its marketing efforts for new products, which is expected to create new growth points.
Profit forecasting and valuation
The company's 2024-2026 revenue is expected to be 2.283, 2.529, and 2.78 billion yuan, with year-on-year growth rates of -5.87%, 10.79%, and 9.90%; net profit to mother is 0.637, 0.708, and 0.788 billion yuan, with year-on-year growth rates of -14.52%, 11.14%, and 11.32%. The company's 2024-2026 performance corresponding to PE was 22.31, 20.07, and 18.03 times, respectively, maintaining the “gain” rating.
Risk warning:
New product development falls short of anticipated risks; market competition increases risks.
