MTM(688029) 东吴证券·2024-10-31 00:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in the first three quarters of 2024 met expectations, with revenue reaching 2.012 billion yuan (+15.31% YoY) and net profit attributable to the parent company at 451 million yuan (+16.70% YoY) [2] - The company's overseas expansion in endoscopic consumables is progressing well, with overseas revenue in H1 2024 reaching 624 million yuan (+39.72% YoY) [3] - The company has established a strong presence in over 90 countries and regions, with subsidiaries in key markets such as the US, Germany, and Japan [3] Financial Performance - Q3 2024 revenue was 679 million yuan (+13.44% YoY), with a gross margin of 67.06% and a net margin of 21.23% [2] - The company's sales/management/R&D expense ratios in Q3 2024 were 23.86%/12.28%/6.19%, showing good cost control [2] - The company's 2024-2026 net profit attributable to the parent company is forecasted to be 577/715/907 million yuan, with corresponding PE ratios of 23/19/15 times [3] Overseas Expansion - The company's overseas revenue in H1 2024 was 624 million yuan (+39.72% YoY), with MTU revenue at 280 million yuan (+38.6% YoY) and MTE revenue at 220 million yuan (+53.9% YoY) [3] - The company has established a stable marketing network in the US, Europe, and other regions, with strong partnerships with world-renowned enterprises [3] Financial Projections - The company's 2024-2026 revenue is projected to be 2.722/3.256/3.872 billion yuan, with YoY growth rates of 12.90%/19.58%/18.92% [1] - The company's 2024-2026 net profit attributable to the parent company is projected to be 577/715/907 million yuan, with YoY growth rates of 18.81%/23.91%/26.81% [1]