安杰思：Q3集采影响下仍稳健增长，海外渠道持续拓展

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [15]. Core Insights - The company reported a revenue of 427 million yuan for the first three quarters of 2024, representing a year-on-year increase of 23.5%, with a net profit of 197 million yuan, up 37.9% year-on-year [1]. - The overseas revenue growth remains strong, with a 33.2% increase in international sales, particularly notable growth in North America (48.3%) and the Asia-Pacific region (81.9%) [2]. - The company is actively expanding its overseas channels, including the establishment of a subsidiary in the Netherlands and plans for a factory in Thailand, expected to commence production in Q2 2025 [2]. - Continuous investment in R&D is evident, with R&D expenses increasing by 46.8% year-on-year, and the proportion of R&D personnel reaching 22.2% [2]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 163 million yuan, a 16.3% increase year-on-year, and a net profit of 73 million yuan, up 13.4% year-on-year [1]. - The company forecasts net profits of 274 million yuan, 358 million yuan, and 464 million yuan for 2024, 2025, and 2026 respectively, with a compound annual growth rate (CAGR) of 28.8% [2]. - The gross profit margin for the first three quarters of 2024 was reported at 72.23%, an increase of 2.71 percentage points year-on-year [1]. Market Position and Strategy - The company has adjusted its sales strategy in response to domestic centralized procurement policies, focusing on non-volume areas and accelerating platform model development [2]. - The addition of 20 new overseas clients highlights the company's commitment to expanding its market presence, particularly in South America and the Asia-Pacific region [2]. - The successful domestic and international promotion of new products, such as the convertible hemostatic clip, indicates a strong market acceptance and growth potential [2].