NovelBeam Technology(SH:688677) Xin Lang Cai Jing·2025-07-04 08:28Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q1 2025, driven by overseas demand and domestic market expansion [1][4]. Financial Performance - In 2024, the company achieved revenue of 443 million yuan, a decrease of 5.90%, and a net profit of 135 million yuan, down 7.11% [1]. - For Q1 2025, revenue increased to 147 million yuan, up 24.86%, and net profit rose to 47 million yuan, an increase of 21.45% [1]. - Operating cash flow for 2024 was 112 million yuan, down 28.96% [1]. Business Segmentation - Medical endoscope products generated revenue of 345 million yuan in 2024, a decrease of 7.04%, while optical products brought in 95 million yuan, down 1.80% [1]. - In Q1 2025, the company reported significant growth in shipment volumes, with both year-on-year and quarter-on-quarter increases exceeding 40% [1]. Regional Performance - Domestic revenue in 2024 was 135 million yuan, an increase of 4.70%, while overseas revenue was 306 million yuan, down 6.50% [1]. - The gross margin for domestic sales was 54.52%, up 4.27 percentage points, while overseas gross margin was 69.43%, down 0.56 percentage points [1]. Strategic Initiatives - The company is enhancing its production capabilities both domestically and internationally, with a focus on ODM and self-manufactured systems to build competitive advantages [2]. - New systems for U.S. clients were launched in September 2023, leading to stable sales growth [2]. - The company is investing in production bases to alleviate capacity bottlenecks and improve automation levels [2]. R&D and Product Development - The company maintains high R&D investment levels, expanding its product matrix from core endoscope products to surgical instruments and related devices [3]. - New products, including a 4mm hysteroscope and various laparoscopes, have been developed and registered for the domestic market [3]. Investment Outlook - The company is positioned to benefit from the trend of domestic high-end medical equipment substitution, with a positive outlook for its domestic business under the new medical infrastructure initiatives [4]. - Profit forecasts for 2025-2027 are adjusted to 179 million, 223 million, and 276 million yuan, with corresponding EPS of 1.48, 1.85, and 2.29 yuan [4].