Investment Rating - The investment rating for the company is "Accumulate" with a downward adjustment [3][5]. Core Viewpoints - The recent government procurement policy is expected to benefit domestic market opportunities for local medical device companies, providing a 20% price deduction for domestic products in competitive bidding [1]. - The company's international business is gradually recovering, with overseas revenue for the first three quarters of 2024 at 365 million yuan, accounting for 60.55% of total revenue, while domestic revenue is 238 million yuan, accounting for 39.45% [2]. - The company's revenue forecast for 2024-2025 has been adjusted downwards due to short-term pressure from U.S. market inventory, with expected revenues of 879 million yuan and 988 million yuan respectively, and net profit forecasts adjusted to 204 million yuan and 261 million yuan [3]. Summary by Relevant Sections Government Policy Impact - The Ministry of Finance's new policy supports domestic products in government procurement, allowing a 20% price deduction for domestic products in competitive scenarios [1]. Business Performance - The company is expected to benefit from the new policy, which may enhance the bidding opportunities for domestic medical equipment firms and increase the domestic market share [2]. - The recovery of international business is indicated by the resumption of orders from U.S. partners, with orders returning to normal levels by mid-2024 [2]. Financial Forecasts - Revenue forecasts for 2024-2025 have been revised down to 879 million yuan and 988 million yuan, with a projected revenue of 1.111 billion yuan for 2026 [3]. - Net profit forecasts for the same period have been adjusted to 204 million yuan and 261 million yuan, with a 2026 projection of 301 million yuan [3]. - The company's financial metrics indicate a decline in profitability due to increased R&D and sales expenses, impacting net profit margins [3][7].
怡和嘉业：政策支持采购本国产品，国内市场有望受益