SNIBE(SZ:300832) GOLDEN SUN SECURITIES·2025-05-05 09:18Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company has shown strong performance in overseas markets, with a revenue increase of 27.67% in 2024, while domestic revenue grew by 9.32% despite pricing pressures from procurement policies [2][3] - The company is expanding its high-end product offerings and increasing its market share in both domestic and international markets, with significant progress in the installation of high-end models [4] - Profit growth is lagging behind revenue growth due to fluctuations in gross margins influenced by procurement pressures [3] Financial Performance Summary - In 2024, the company achieved a total revenue of 45.35 billion yuan, a year-on-year increase of 15.41%, and a net profit of 18.28 billion yuan, up 10.57% [1] - The gross margin for 2024 was 72.07%, slightly down by 0.89 percentage points from the previous year, with a notable increase in the proportion of lower-margin equipment sales [2] - For Q1 2025, the company reported a revenue of 11.25 billion yuan, a 10.12% increase year-on-year, while net profit grew by 2.65% [1][3] Market Expansion and Product Development - The company has successfully increased its coverage in tier-three hospitals, reaching a coverage rate of 44.93% in the domestic market [4] - In 2024, the company installed 4,017 units in overseas markets, with high-end models accounting for 67.16% of installations [4] - The company is actively establishing subsidiaries in key international markets, including Indonesia, Malaysia, and Thailand, to enhance its global presence [4] Future Projections - Revenue projections for 2025-2027 are estimated at 51.58 billion yuan, 60.07 billion yuan, and 70.75 billion yuan, respectively, with expected growth rates of 13.7%, 16.5%, and 17.8% [4] - Net profit forecasts for the same period are 20.63 billion yuan, 24.27 billion yuan, and 28.74 billion yuan, with growth rates of 12.8%, 17.6%, and 18.4% [4]