鱼跃医疗：Q3收入增速改善，费用投入有所增加

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's revenue growth rate improved in Q3, although there was an increase in expense input. The gross margin decreased slightly, with a gross margin of 50.1% for the first three quarters of 2024, down 1.4 percentage points year-on-year [2] - The company is positioned as a leading platform for home medical devices, with strong brand power and significant growth potential due to its focus on three high-growth sectors since 2020 [3] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 60.3 billion yuan, a year-on-year decrease of 9.5%. The net profit attributable to the parent company was 15.3 billion yuan, down 30.1% year-on-year [1] - Quarterly revenue for Q1, Q2, and Q3 of 2024 was 22.3 billion yuan, 20.8 billion yuan, and 17.2 billion yuan, respectively, showing a year-on-year change of -17.4%, -8.8%, and +2.2% [1] - The net profit attributable to the parent company for Q1, Q2, and Q3 was 6.6 billion yuan, 4.6 billion yuan, and 4.1 billion yuan, with year-on-year changes of -7.6%, -41.0%, and -41.0% [1] - The company’s total revenue projections for 2024, 2025, and 2026 are 79.2 billion yuan, 93.0 billion yuan, and 107.0 billion yuan, respectively [3] Expense Analysis - The expense ratios for sales, management, financial, and R&D for the first three quarters of 2024 were 15.4%, 5.1%, -2.2%, and 6.7%, respectively, with year-on-year changes of +2.6, +0.8, -0.9, and +0.8 percentage points [2] - The sales expense ratio for Q1, Q2, and Q3 was 12.3%, 16.4%, and 18.4%, with year-on-year increases of +1.2, +2.6, and +4.0 percentage points [2]