NovelBeam Technology(SH:688677) Soochow Securities·2025-05-05 03:23Investment 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 [1][9] - The company has successfully launched new products in the medical endoscope sector, with steady growth anticipated in 2024 [3][9] - The company’s revenue for 2024 is projected at 4.43 billion yuan, a decrease of 5.90% year-on-year, while the net profit is expected to be 1.35 billion yuan, down 7.11% [9][10] Financial Summary - Total revenue (million yuan): 2023A: 470.60, 2024A: 442.83, 2025E: 542.15, 2026E: 639.44, 2027E: 755.09 [1] - Year-on-year growth rates for total revenue: 2024A: -5.90%, 2025E: 22.43%, 2026E: 17.95%, 2027E: 18.09% [1] - Net profit attributable to the parent company (million yuan): 2023A: 145.71, 2024A: 135.35, 2025E: 175.31, 2026E: 213.04, 2027E: 262.06 [1] - Year-on-year growth rates for net profit: 2024A: -7.11%, 2025E: 29.52%, 2026E: 21.53%, 2027E: 23.01% [1] - Latest diluted EPS (yuan/share): 2023A: 1.21, 2024A: 1.12, 2025E: 1.45, 2026E: 1.77, 2027E: 2.17 [1] - Current P/E ratios: 2024A: 30.79, 2025E: 23.77, 2026E: 19.56, 2027E: 15.90 [1][10]