Investment Rating - The investment rating for the company is upgraded to "Buy" with a target price not specified [5]. Core Viewpoints - The company reported a revenue of 2.51 billion RMB for 2024, a decrease of 2.8% year-on-year, and a net profit of 181 million RMB, down 12.6% year-on-year [1]. - Direct sales strategy has improved profitability, with direct sales accounting for 87% of total sales in 2024, an increase of 9 percentage points year-on-year [2]. - The company has received EU medical device certification, enhancing its brand advantage and allowing the launch of three core products in new markets [3]. - The product range is expanding to include various beauty and health applications, with new products launched in multiple regions [4]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.51 billion RMB, a decline of 2.8% compared to the previous year, and a net profit of 181 million RMB, down 12.6% [1]. Sales Strategy - The direct sales strategy has been effective, with 87% of sales coming from direct channels, reflecting a 9 percentage point increase from the previous year. Revenue from the Asia-Pacific, Europe, Middle East, and Africa regions grew by 6.0%, 0.7%, and 27.1% respectively, while North America saw a decline of 12.4% due to high financing costs [2]. Product Development - The company has focused on energy source technology for medical aesthetics, achieving EU medical device certification for several products. Three new core products were launched in 2024, receiving high market recognition [3]. Product Range Expansion - The company is diversifying its product offerings, including a new generation of hyaluronic acid complex and exclusive distribution rights for various injection fillers. The expansion includes markets in the UK, Germany, Australia, and New Zealand [4].
复锐医疗科技：创新驱动产品线增长，直销战略深化全球协同发展-20250325