YUYUE MEDICAL(002223) 东吴证券·2024-10-30 00:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 6.028 billion yuan for the first three quarters of 2024, a decrease of 9.53% year-on-year, and a net profit attributable to shareholders of 1.532 billion yuan, down 30.09% year-on-year [2] - In Q3, the company achieved a single-quarter revenue of 1.720 billion yuan, an increase of 2.21% year-on-year, indicating resilience in performance despite being a traditional off-season [2][3] - The company's gross profit margin and net profit margin for Q3 were 50.32% and 23.87%, respectively, showing a slight decline compared to the previous year [3] - The company is optimistic about the growth potential of its blood glucose business and overseas market expansion, with two Continuous Glucose Monitoring (CGM) products expected to launch domestically by the end of the year [3] Financial Forecasts and Valuation - The company's net profit forecasts for 2024-2026 have been adjusted to 2.013 billion yuan, 2.305 billion yuan, and 2.609 billion yuan, respectively, reflecting the current market conditions [4] - The corresponding price-to-earnings (P/E) ratios for these years are projected to be 17, 15, and 13 times, respectively [4] - The company maintains a strong outlook for its blood glucose segment and overseas market initiatives, which are expected to provide a second growth curve [4]