MTM(SH:688029) GOLDEN SUN SECURITIES·2024-02-25 16:00Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - Post-pandemic recovery in endoscopic diagnosis demand is evident, with short-term pressure from anti-corruption measures, but the company's operational resilience is highlighted as Q4 revenue returns to high growth [4][19] - Significant revenue growth in Q3 2023, with overseas markets showing remarkable performance, particularly in the Asia-Pacific region with a 60% year-on-year increase [2][19] Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 2.416 billion yuan, representing a year-on-year growth of 22.0%, and a net profit attributable to shareholders of 487 million yuan, up 47.3% year-on-year [18][20] - Q4 2023 revenue reached 671 million yuan, a year-on-year increase of 43.26%, while net profit attributable to shareholders decreased by 3.07% [18][19] Market Expansion - The company has established a stable marketing network in overseas markets such as the US and Europe, leading to rapid growth in overseas revenue [2][5] - The visualization product line is steadily advancing in domestic markets and is expected to contribute additional growth in overseas markets [5][20] Future Projections - Revenue projections for 2023-2025 are 2.416 billion, 3.020 billion, and 3.759 billion yuan, with corresponding year-on-year growth rates of 22.0%, 25.0%, and 24.5% [20][21] - Net profit projections for the same period are 487 million, 604 million, and 745 million yuan, with growth rates of 47.3%, 24.0%, and 23.4% respectively [20][21]