Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 64 yuan [1][10]. Core Views - The company is expected to experience a turning point as it clears inventory and launches new products, particularly with the anticipated release of the next-generation AQ-400 endoscope system in the second half of 2025 [7][9]. - Despite facing performance pressure in 2024 and 2025 due to external factors, the company continues to make progress in R&D and overseas market expansion, which are expected to drive significant growth in 2026 [8][9]. Summary by Sections 1. Impact of External Environment - The company is undergoing a two-year adjustment period in 2024 and 2025 due to ongoing anti-corruption measures affecting hospital equipment procurement [13]. - The national push for medical equipment upgrades has seen slow execution in some regions, impacting revenue recognition for the company [14][17]. 2. R&D and Overseas Market Development - The company has increased R&D investment, focusing on new product development, including the upcoming AQ-400 system, which is expected to be approved for market release in late 2025 [30][32]. - The overseas market presents significant growth potential, with the company’s overseas revenue growth outpacing domestic growth, reaching 42.7% in 2024 [38][44]. 3. Anticipated Breakthrough in 2026 - The company’s share buyback plan and employee stock ownership plan reflect management's confidence in future growth [45]. - The launch of the AQ-400 is expected to drive substantial sales growth in 2026, similar to the sales patterns observed with previous product launches [49][51]. 4. Long-term Industry Outlook - The soft endoscope industry is characterized by strong monopolistic structures and significant market potential, with opportunities for companies to transition towards a semi-consumable business model [9][14]. - The industry is expected to benefit from ongoing trends in minimally invasive surgical instruments and disposable endoscopes, which are seen as future growth directions [9][14].
澳华内镜（688212）：深度研究报告系列三：清库存，上新品，迎拐点