MTM(SH:688029) Guolian Securities·2024-07-12 01:30Group 1 - Investment Rating: Buy (Initiation) [5] - Current Price: 62.83 CNY [5] - Company Overview: Nanwei Medical focuses on the research, production, and sales of gastrointestinal endoscopic consumables, having developed a diverse product line over 20 years [18][22]. Group 2 - Core Viewpoint: The report emphasizes the significant clinical value of single-use endoscopes, highlighting the company's advantages in single-use biliary endoscopes and the potential for growth in the ICU market [11][22]. - Revenue Growth: The company expects revenue growth rates of 21.76%, 22.07%, and 21.96% for 2024, 2025, and 2026, respectively, with net profit growth rates of 22.93%, 26.87%, and 27.47% [24][31]. - Market Expansion: The report notes that the global endoscopic consumables market is projected to grow at a compound annual growth rate (CAGR) of 6%-7%, with the Chinese market expected to grow even faster due to increased screening rates for gastrointestinal cancers [22][60]. Group 3 - Financial Forecast: The company is projected to achieve revenues of 29.36 billion CNY, 35.84 billion CNY, and 43.71 billion CNY for 2024, 2025, and 2026, respectively, with corresponding net profits of 5.97 billion CNY, 7.58 billion CNY, and 9.66 billion CNY [24][25]. - Product Line: The company has a comprehensive product line in endoscopic consumables, with a focus on visualization products and single-use endoscopes, which are expected to drive future growth [23][29]. - International Strategy: The company has established subsidiaries in key international markets and is increasing its direct sales proportion, with overseas revenue reaching 10.42 billion CNY in 2023, a 26% increase year-on-year [23][24].