安杰思：业绩稳健增长，海外本土化布局持续深化-20250508

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has demonstrated steady revenue growth in 2024, with a 25.14% year-on-year increase in revenue to 637 million yuan and a 35.06% increase in net profit to 293 million yuan [1][2] - The profit growth rate outpaced revenue growth, primarily due to the realization of scale effects and improved profitability [2] - The company is actively expanding its global market presence, with significant growth in overseas revenue, particularly in the Asia-Pacific and South American markets [3] Financial Performance Summary - In 2024, the company achieved a revenue of 637 million yuan, a 25.14% increase year-on-year, and a net profit of 293 million yuan, a 35.06% increase year-on-year [1] - The gross margin for 2024 was 72.11%, up 1.24 percentage points year-on-year, while the sales expense ratio decreased to 8.01% [2] - The company expects revenues of 792 million yuan, 999 million yuan, and 1.257 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 343 million yuan, 426 million yuan, and 535 million yuan [4][5] Product and Market Development Summary - The company’s product lines showed varied performance, with GI products generating 413 million yuan in revenue (up 23.17%) and EMR/ESD products growing by 42.85% to 150 million yuan [2] - The company has made significant strides in its overseas operations, with the European subsidiary starting operations and the U.S. subsidiary in the planning stage [3] - The company has focused on R&D, obtaining multiple new registrations for its products, which are expected to enhance its market position [3]