NovelBeam Technology(SH:688677) China Post Securities·2025-05-15 03:23Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [2][14]. Core Insights - The company has successfully completed the digestion of overseas inventory, leading to a strong performance in Q1 2025, with a revenue increase of 24.86% year-on-year [5]. - The company has established a robust operational framework across the US, Thailand, and domestic facilities, enhancing its risk management capabilities against trade policy changes [7]. - The company is focusing on expanding its product offerings and brand presence in key medical specialties, with plans for new product launches and collaborations with major clients [8][9]. Financial Performance - In 2024, the company reported a revenue of 443 million yuan, a decrease of 5.90% year-on-year, and a net profit of 135 million yuan, down 7.11% year-on-year [5]. - For Q1 2025, the company achieved a revenue of 147 million yuan, reflecting a year-on-year growth of 24.86%, and a net profit of 47 million yuan, up 21.45% year-on-year [5]. - The company forecasts revenues of 562 million yuan, 762 million yuan, and 967 million yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 182 million yuan, 241 million yuan, and 309 million yuan [10][13]. Operational Strategy - The company has successfully launched a new system for US clients, which has contributed to steady sales growth in 2024 [6]. - The company is enhancing its production capabilities in the US and Thailand to optimize its supply chain and mitigate tariff impacts [7]. - Future plans include the development of next-generation endoscopic systems and a focus on key medical specialties such as gynecology and urology [9].