NovelBeam Technology(SH:688677) Xinda Securities·2025-04-30 14:23Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook for future growth based on revenue recovery and product development [1][2]. Core Views - The company experienced a revenue decline in 2024 due to inventory destocking by major clients, but has shown signs of recovery with revenue growth in Q4 2024 and Q1 2025 [2]. - The company’s medical endoscope product line is expected to recover rapidly as new products are launched and market demand increases [2]. - The company is enhancing its overseas production capabilities to mitigate risks associated with trade policies, which is anticipated to improve supply capacity [2]. - Revenue forecasts for 2025-2027 indicate significant growth, with expected revenues of 5.69 billion, 7.12 billion, and 8.74 billion respectively, reflecting year-on-year growth rates of 28.6%, 25.0%, and 22.8% [2][3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 4.43 billion (down 5.90% YoY) and a net profit of 1.35 billion (down 7.11% YoY) [1][3]. - The gross margin for 2024 was 64.51%, showing a slight increase from the previous year [2]. - The company’s net profit margin was stable at 30.20% [2]. Revenue and Profit Forecast - Projected revenues for 2025, 2026, and 2027 are 5.69 billion, 7.12 billion, and 8.74 billion respectively, with corresponding net profits of 1.82 billion, 2.31 billion, and 2.86 billion [2][3]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.51, 1.91, and 2.37 respectively [3]. Market and Product Development - The company has launched new products in the U.S. market, including a new 4mm hysteroscope and has made progress in developing other endoscopic products [2]. - The company is expanding its marketing efforts and sales team to enhance brand influence and market penetration [2].