麦澜德：2024Q3收入增长平稳，生殖抗衰延续高增长

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported stable revenue growth with a high growth continuation in reproductive anti-aging [1] - In Q3 2024, the company achieved revenue of approximately 102 million yuan, a year-on-year increase of 18.75%, and a net profit attributable to shareholders of 23 million yuan, a year-on-year increase of 9.39% [1] - The reproductive rehabilitation business has shown significant growth, with a revenue increase of 122% year-on-year in the first half of 2024 [1] - The company has established a wholly-owned subsidiary, Nanjing Weizhilian Medical Equipment Co., Ltd., focusing on providing comprehensive solutions for reproductive anti-aging [1][2] - The company continues to increase R&D spending, with R&D expenses in Q3 2024 amounting to 14 million yuan, accounting for 13.89% of revenue [1] Financial Summary - For the first three quarters of 2024, the company achieved revenue of 331 million yuan, a year-on-year increase of 13.81%, and a net profit of 96 million yuan, a year-on-year increase of 13.37% [1] - The projected revenues for 2024-2026 are expected to be 421 million yuan, 519 million yuan, and 639 million yuan, with year-on-year growth rates of 23.4%, 23.4%, and 23.1% respectively [2] - The projected net profits for the same period are expected to be 114 million yuan, 146 million yuan, and 184 million yuan, with corresponding year-on-year growth rates of 26.5%, 28.4%, and 26.1% [2] - The company maintains a gross profit margin of approximately 72.35% and a net profit margin of about 30.41% [1]