安杰思：国内增长稳健，海外表现亮眼-20250423

Investment Rating - The report maintains a "Recommended" rating for the company [12] Core Views - The company achieved a revenue of 637 million yuan in 2024, representing a year-on-year growth of 25.14%, and a net profit of 293 million yuan, up 35.06% year-on-year [5] - The company is experiencing robust domestic growth while showing impressive performance overseas, with international revenue reaching 333 million yuan, a year-on-year increase of 36.19% [9] - The company has a strong focus on research and development, with R&D expenses increasing by 43.53% year-on-year to 59.21 million yuan in 2024 [11] Financial Performance Summary - Revenue projections for 2024 to 2027 are as follows: 637 million yuan (2024), 851 million yuan (2025), 1,065 million yuan (2026), and 1,333 million yuan (2027) [7] - Net profit projections for the same period are: 293 million yuan (2024), 328 million yuan (2025), 402 million yuan (2026), and 499 million yuan (2027) [7] - The company maintains a high gross margin of 72.1% in 2024, with a slight decrease expected in subsequent years [10] Market and Product Insights - The domestic market sales are projected to reach 300 million yuan in 2024, with a year-on-year growth of 14.63% [9] - The company has established partnerships with over 600 hospitals and has expanded its international client base to 116, marking a 23.4% increase [9] - The company’s GI product line is expected to generate 413 million yuan in revenue in 2024, reflecting a year-on-year growth of 23.17% [10] Valuation Metrics - The projected P/E ratio for 2024 is 18.1, decreasing to 10.7 by 2027, indicating an attractive valuation over time [16] - The projected P/B ratio for 2024 is 2.2, expected to decline to 1.6 by 2027 [16]