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Investment Rating - The report maintains a "Buy" rating for the company [1][2][7]. Core Insights - The report emphasizes the necessity for domestic companies to expand overseas due to price pressures and policy changes in the domestic market, which can be mitigated by diversifying into international markets [6][11][26]. - The overseas business of the company has shown rapid growth, with a 15.83% year-on-year increase in overseas revenue to 13.55 billion yuan in 2023, accounting for 38.79% of total revenue [6][32]. - The company's success in international markets is attributed to its clear international strategy, effective execution of mergers and acquisitions, and a strong focus on localization [6][41]. Summary by Sections 1. Necessity of Going Overseas - The report discusses the increasing necessity for medical device companies to expand internationally due to intensified price competition and policy changes in the domestic market [11][13][26]. - The report highlights that the global medical device market is expanding, particularly in developed countries, which presents significant growth opportunities for companies like the one studied [15][16]. 2. Development of Overseas Business - The company has successfully implemented a "go out, go in, go up" strategy, establishing a presence in over 40 countries and setting up 62 overseas subsidiaries [27][29]. - The report notes that the company has achieved significant breakthroughs in high-end markets, with a focus on high-quality products and services [30][32]. 3. Successful Strategies of the Company - The company has effectively utilized mergers and acquisitions to enhance its core technologies and expand its market presence [41][42]. - The report details several key acquisitions that have strengthened the company's position in various medical device segments, including life support and in vitro diagnostics [43][44]. 4. Profit Forecast - The report forecasts the company's revenue to reach 424.97 billion yuan in 2024, with net profit expected to be 139.19 billion yuan, indicating a strong growth trajectory [5][7].