MTM(SH:688029) Haitong Securities International·2025-05-07 09:03Investment Rating - The report maintains an "Outperform" rating for the company [4][9]. Core Insights - In 2024, the company achieved revenue of 2.76 billion RMB, representing a year-on-year growth of 14.26%, and a net profit attributable to shareholders of 553 million RMB, up 13.85% [4][9]. - The company is experiencing steady domestic revenue growth despite temporary pressure from centralized procurement, with domestic sales reaching 1.38 billion RMB in 2024, a 2.1% increase year-on-year [4][9]. - Export revenue is growing rapidly, with 2024 export revenue at 1.36 billion RMB, a 30.44% increase year-on-year, contributing nearly 40% of total profits [4][9]. - The company has forecasted EPS for 2025-2027 at 3.55, 4.24, and 5.02 RMB respectively, with a target price of 88.75 RMB based on a 2025 target PE of 25X [4][9]. Financial Summary - The company’s financial performance shows a steady increase in revenue and profit margins, with a gross profit margin of 67.65% in 2024, up 3.15 percentage points from the previous year [4][9]. - The net profit margin for 2024 was 20.62%, reflecting a slight increase of 0.10 percentage points [4][9]. - The company’s sales expense ratio decreased to 23.46%, while the management expense ratio was 19.71% [4][9]. - The company’s total assets are projected to grow from 4.39 billion RMB in 2023 to 5.99 billion RMB by 2027 [6].