MTM(SH:688029) Xin Lang Cai Jing·2025-05-06 08:35Core Insights - The company reported a revenue of 2.76 billion yuan (+14.3%) and a net profit attributable to shareholders of 550 million yuan (+13.9%) for the year 2024, with Q1 2025 revenue at 700 million yuan (+12.8%) and net profit at 160 million yuan (+12.2%) [1] - The company experienced significant growth in overseas revenue, with international market sales increasing by approximately 30.4% to about 1.36 billion yuan, while domestic sales grew by only 2.1% to about 1.38 billion yuan [2] - The company is focusing on disposable endoscope technology to establish a second growth curve, with several innovative products receiving market approval [3] Financial Performance - For 2024, quarterly revenues were 620 million yuan (+12.7%), 710 million yuan (+20%), 680 million yuan (+13.4%), and 740 million yuan (+11.5%) [1] - The gross margin for 2024 was 67.7% (+3.1 percentage points), attributed to an increase in high-priced overseas products and improvements in automation and production technology [1] - The company's expenses included a sales expense ratio of 23.5%, a management expense ratio of 13.4%, and a research and development expense ratio of 6.3% [1] Market Dynamics - The company is actively upgrading its global management structure, establishing a European regional headquarters to optimize resources across Europe, Africa, and the Middle East, leading to significant performance improvements in the European region [2] - The domestic medical reform continues to deepen, impacting the medical device industry, with increased competition and declining prices due to expanded procurement coverage [2] Innovation and Growth Strategy - The company is promoting innovative procedures such as EDAT (endoscopic appendicitis treatment), which have gained popularity among hospitals [3] - Various innovative products and projects, including new-generation endoscopes and biopsy needles, are underway to strengthen the company's competitive advantage in research and development [3] - Profit forecasts for 2025-2027 project net profits of 710 million yuan, 860 million yuan, and 1.05 billion yuan, respectively, indicating the company's strengthening global competitiveness as a leader in innovative endoscopic devices [3]