Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company is a leading domestic flexible endoscope manufacturer, with a well-established product line that supports steady revenue growth. The flagship product AQ-300 targets the high-end market, while other models cater to mid and grassroots markets. The company has achieved a revenue CAGR of 31.66% from 2017 to 2023, driven by market demand recovery and increased sales of mid-to-high-end products [1][2][3]. Summary by Sections Company Overview - The company has been focused on the endoscope field for thirty years, with products widely used in various clinical departments. It has developed a comprehensive product line to meet diverse clinical needs, including the AQ-300, AQ-200, and other models for different market segments [1][2]. Market Potential - The flexible endoscope market in China is dominated by imported brands, with a market size of 7.6 billion yuan in 2022. The leading brands are Olympus and Fujifilm, holding 60.40% and 14.00% market shares, respectively. The company, along with other domestic manufacturers, has significant potential for market share growth due to low domestic production rates and increasing demand for local alternatives [2][3]. Product Development and Innovation - The company has a strong focus on R&D, with a CAGR of 45.92% in R&D expenses from 2017 to 2023. It launched the first domestic 4K ultra-high-definition endoscope in 2022 and plans to introduce several new products in 2024, enhancing its product matrix and competitive edge in high-end markets [3][4]. Marketing and Global Expansion - The company has established a global marketing and service system, with 15 marketing subsidiaries and 34 service points as of mid-2024. It is actively pursuing overseas market access, with 0.68 billion yuan in overseas revenue in 2024H1, accounting for 19.2% of total revenue. The AQ-300 has received CE certification, which is expected to boost overseas sales [4][5]. Financial Forecast and Valuation - The company is projected to achieve revenues of 753 million yuan, 950 million yuan, and 1.189 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 11.1%, 26.1%, and 25.2%. The net profit attributable to the parent company is expected to be 50 million yuan, 80 million yuan, and 115 million yuan for the same years, with growth rates of -13.9%, 60.3%, and 43.8% [4][5].
澳华内镜：国产软镜龙头，AQ-300引领4K新纪元