Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5][6] Core Insights - The company, JinHao Medical, reported a significant improvement in quarterly performance, with a 61.61% increase in revenue and a 100.34% increase in net profit compared to the previous quarter [2] - The company is focusing on optimizing internal management to reduce costs, with management and R&D expenses decreasing by 20.37% and 15.51% year-on-year, respectively [2] - JinHao Medical aims to capture over 10% of the domestic market share by expanding into both the elderly and youth markets, investing in retail stores, and establishing overseas subsidiaries [2] - The company has received EU MDR certification for its hearing aid products, enhancing its competitive edge in the high-end market [2] - The acquisition of IntriCon's hearing health business strengthens the company's technological barriers and product offerings in the hearing aid sector [2] Financial Summary - For the first three quarters of 2024, the company achieved revenue of 107 million yuan, a decrease of 23.98% year-on-year, and a net profit of -3.79 million yuan, a decline of 119.76% year-on-year [2] - The projected revenues for 2024-2026 are 1.4146 billion, 1.5988 billion, and 1.8142 billion yuan, with year-on-year growth rates of -19.11%, 13.02%, and 13.47%, respectively [2] - The projected net profits for the same period are 22.4 million, 155.2 million, and 170.9 million yuan [2] Market Position and Strategy - JinHao Medical is positioned as a leading domestic hearing aid manufacturer, with a strategic focus on enhancing its product competitiveness and expanding its market presence [2] - The company is actively building retail channels and planning to expand its distribution business domestically [2] - The company’s long-term vision includes becoming a top-tier player in the domestic market for hearing aids [2]
锦好医疗：2024年三季度点评：环比业绩改善显著