Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 58 yuan [2]. Core Views - The company's domestic business is under temporary pressure, while its overseas business is experiencing rapid growth. In 2024, the company achieved a revenue of 750 million yuan, a year-on-year increase of 10.54%, but the net profit attributable to the parent company decreased by 63.68% to 21 million yuan [2][7]. - The report highlights that the company's overseas revenue reached 161 million yuan in 2024, representing a year-on-year growth of 42.70%, which significantly contributed to the overall revenue increase [2][7]. - The report anticipates that the company's net profit will rebound significantly in the coming years, with projections of 98 million yuan in 2025, 133 million yuan in 2026, and 168 million yuan in 2027, reflecting year-on-year growth rates of 367.0%, 35.8%, and 25.7% respectively [2][7]. Financial Summary - In 2024, the company reported total revenue of 750 million yuan, with a year-on-year growth rate of 10.5%. The net profit attributable to the parent company was 21 million yuan, down 63.7% from the previous year [2][8]. - The earnings per share (EPS) for 2024 was 0.16 yuan, with projected EPS of 0.73 yuan in 2025, 0.99 yuan in 2026, and 1.24 yuan in 2027 [2][8]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 285 in 2024 to 36 in 2027, indicating an improving valuation as earnings grow [2][8]. Business Performance - The domestic business faced challenges in 2024 due to a decrease in procurement activities in the domestic endoscope market, resulting in a revenue of 586 million yuan, a year-on-year increase of only 3.93% [2][7]. - The company has successfully increased the sales of its mid-to-high-end products, with the number of installations in tertiary hospitals rising significantly [2][7]. - The first quarter of 2025 saw a revenue decline of 26.92% to 124 million yuan, attributed to market adjustments and inventory clearance [2][7].
澳华内镜（688212）：2024年报&2025年一季报点评：国内业务阶段性承压，海外业务高速增长