Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the U.S. market has shown signs of a turning point in Q3 2024, with a continuous improvement in revenue structure. The company achieved a revenue of 602 million yuan in the first three quarters of 2024, a year-on-year decrease of 36.31%, and a net profit attributable to the parent company of 125 million yuan, down 53.74% year-on-year. However, Q3 alone saw a revenue increase of 10.51% year-on-year, reaching 220 million yuan, and a net profit of 32.74 million yuan, up 21.78% year-on-year [1][2] Summary by Relevant Sections Financial Performance - In the first three quarters of 2024, the company's international business revenue was 365 million yuan, accounting for 60.55% of total revenue, while domestic business revenue was 238 million yuan, accounting for 39.45%. The overseas revenue in Q3 reached 146 million yuan, with an increased share of 66.36% compared to the first half of 2024, largely due to the recovery of orders from RH since the end of June [1] - The company's revenue projections for 2024-2026 are 916 million yuan, 1.079 billion yuan, and 1.275 billion yuan, with growth rates of -18.4%, 17.8%, and 18.2% respectively. The net profit attributable to the parent company is expected to be 220 million yuan, 292 million yuan, and 373 million yuan for the same period, with growth rates of -26.0%, 32.8%, and 27.8% respectively [2][4] Business Segments - The home respiratory machine treatment business generated 375 million yuan in revenue, accounting for 62.27% of total revenue, while consumables revenue was 206 million yuan, accounting for 34.16%. The consumables business saw a year-on-year growth of 31.77%, primarily driven by contributions from the U.S. and European markets [1][2] Profitability - The company's gross margin for the first three quarters of 2024 was 51.20%, an increase of 4.91 percentage points year-on-year. The high-margin consumables business is expected to continue to grow, further enhancing profitability [1][2]
怡和嘉业：2024Q3美国市场拐点显现，收入结构持续改善