澳华内镜（688212）：收入符合预期，25年有望稳健增长

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [23]. Core Views - The company reported a revenue of 750 million yuan for 2024, reflecting a year-on-year growth of 10.5%, while the net profit attributable to shareholders was 21 million yuan, down 63.7% year-on-year [3][4]. - The domestic market is expected to see steady growth in 2025, driven by improved bidding activities and the introduction of new products [4][6]. - The company is focusing on enhancing its product offerings and marketing efforts, which has led to increased expenses, impacting short-term profitability [6][7]. Financial Performance - In 2024, domestic revenue reached 586 million yuan (up 4% year-on-year), while overseas revenue was 160 million yuan (up 43% year-on-year), showcasing strong growth in international markets [5]. - The company anticipates revenue growth of 821 million yuan in 2025, 1.094 billion yuan in 2026, and 1.462 billion yuan in 2027, with net profits projected at 88 million yuan, 124 million yuan, and 191 million yuan respectively [7][8]. - The sales expense ratio for 2024 is projected at 33.4%, while the management expense ratio is expected to be 14.5% [6]. Product Development and Market Strategy - The introduction of high-end products like the AQ-3004K ultra-high-definition endoscope is expected to drive sales growth in tier-three hospitals [7]. - The company has launched several new products, including electronic percutaneous cholangioscopes and electronic bladder scopes, which are anticipated to contribute to revenue recovery as bidding activities improve [7][8]. Market Outlook - The report indicates that the overall domestic bidding environment is expected to improve, which will support the company's revenue growth in the coming years [5][6]. - The company is positioned as a leading domestic player in the flexible endoscope market, with innovative products that enhance clinical capabilities [8].