YUYUE MEDICAL(002223) 太平洋·2024-11-06 10:28Investment Rating - The report maintains a "Buy" rating for Yuyue Medical (002223) [2][8] Core Views - The company's revenue growth rate turned positive in the third quarter, with a year-on-year increase of 2.21%, indicating a return to a sustainable development trajectory [5][8] - The new generation Continuous Glucose Monitoring (CGM) products are experiencing rapid sales expansion, with significant potential for overseas markets [6][8] Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 6.028 billion yuan, a year-on-year decrease of 9.53%, and a net profit attributable to shareholders of 1.532 billion yuan, down 30.09% [4][8] - The third quarter alone saw a revenue of 1.720 billion yuan, with a net profit of 411 million yuan, reflecting a year-on-year decline of 40.95% [4][8] - The comprehensive gross margin for the first three quarters was 50.13%, a decrease of 1.44 percentage points year-on-year [7][8] Sales and Marketing Strategy - The company increased its sales expenses by 8.84% compared to the same period in 2023, focusing on enhancing brand influence and market share through aggressive marketing efforts [5][8] - The CGM product line is expected to drive growth, with ongoing efforts to expand into international markets, particularly in regions like Latin America, Africa, and Southeast Asia [6][8] Earnings Forecast - The company forecasts revenues of 8.129 billion yuan, 9.265 billion yuan, and 10.632 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 1.97%, 13.97%, and 14.75% [8][9] - The net profit attributable to shareholders is projected to be 2.018 billion yuan, 2.277 billion yuan, and 2.743 billion yuan for the same years, with growth rates of -15.76%, 12.79%, and 20.49% [8][9]