NovelBeam Technology(SH:688677) Soochow Securities·2025-05-04 08:19Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company's performance in 2024 is under short-term pressure, but a turning point is expected in Q1 2025 [9][10] - The company has successfully launched new products in the medical endoscope sector, with steady growth anticipated in 2024 [3][9] - The company is adapting to trade policy changes through its overseas subsidiaries and new product collaborations [9][10] Financial Performance Summary - In 2024, the company achieved total revenue of 442.83 million yuan, a decrease of 5.90% year-on-year, and a net profit attributable to shareholders of 135.35 million yuan, down 7.11% [9] - For Q1 2025, the company reported revenue of 147 million yuan, an increase of 24.86%, and a net profit of 47 million yuan, up 21.45% [9] - The company's main business revenue accounted for 99.49% of total revenue in 2024, with the medical endoscope segment contributing 345.16 million yuan, a decline of 7.04% [9] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders has been adjusted for 2025 and 2026 to 175.31 million yuan and 213.04 million yuan, respectively [10] - The expected P/E ratios for the current market value are 24x for 2025, 20x for 2026, and 16x for 2027 [10] - The company is projected to achieve a net profit of 262.06 million yuan in 2027, with a corresponding EPS of 2.17 yuan [1][10]