MTM(688029) 中泰证券·2024-10-31 00:31Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing strong growth driven by the expansion of overseas channels and the orderly advancement of new visualization products. The company reported a revenue of 2.012 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 15.31%, and a net profit attributable to shareholders of 451 million yuan, up 16.70% year-on-year [1][2] - The company is focusing on enhancing its sales management and expanding its product offerings in the visualization segment, which is expected to contribute to future revenue growth. The company is also actively exploring upgrades and improvements to its disposable endoscope products [1][2] Financial Summary - Revenue Forecasts: - 2022A: 1,980 million yuan - 2023A: 2,411 million yuan - 2024E: 2,939 million yuan - 2025E: 3,603 million yuan - 2026E: 4,450 million yuan - Year-on-year growth rates: 2% (2022), 22% (2023), 22% (2024), 23% (2025), 23% (2026) [1] - Net Profit Forecasts: - 2022A: 331 million yuan - 2023A: 486 million yuan - 2024E: 598 million yuan - 2025E: 744 million yuan - 2026E: 919 million yuan - Year-on-year growth rates: 2% (2022), 47% (2023), 23% (2024), 24% (2025), 23% (2026) [1] - Earnings Per Share (EPS): - 2022A: 1.76 yuan - 2023A: 2.59 yuan - 2024E: 3.18 yuan - 2025E: 3.96 yuan - 2026E: 4.89 yuan [1] - Valuation Ratios: - P/E ratios: 41.0 (2022), 27.9 (2023), 22.7 (2024), 18.2 (2025), 14.8 (2026) - P/B ratios: 4.2 (2022), 3.8 (2023), 3.3 (2024), 2.8 (2025), 2.4 (2026) [1] Market Performance - The company's stock price as of October 29, 2024, was 72.20 yuan, with a market capitalization of approximately 13.56 billion yuan [1] - The company has maintained a stable gross margin of 67.64%, with a year-on-year increase of 23.06% [1]