SHANGHAI AOHUA PHOTOELECTRICITY ENDOSCOPE CO.(SH:688212) Huafu Securities·2024-02-26 16:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 83.25 CNY [4][9]. Core Insights - The company is expected to achieve a revenue of 678 million CNY in 2023, representing a year-on-year growth of 52%, and a net profit of 57.97 million CNY, reflecting a 167% increase [8]. - The AQ-300 product is driving significant growth, with plans for overseas certification to enhance the product matrix and brand influence [8]. - The company is focusing on its core business of flexible endoscopes and enhancing brand recognition through academic activities [8]. Financial Data and Valuation - Revenue projections for 2023-2025 are 678 million CNY, 1,014 million CNY, and 1,443 million CNY, with a compound annual growth rate (CAGR) of 48% [9]. - Net profit forecasts for the same period are 58 million CNY, 123 million CNY, and 191 million CNY, with a CAGR of 106% [9]. - The price-to-sales (P/S) ratios for 2023-2025 are projected at 11, 7.4, and 5.2 times, respectively [9]. - The company’s total assets are expected to reach 1.53 billion CNY in 2023, with a 9% increase from the beginning of the year [8]. Operational Highlights - The company is actively expanding its marketing network both domestically and internationally, aiming to cover various levels of hospitals and enhance brand influence [8]. - The report indicates that the company’s sales, management, and R&D expenses are all on the rise, aligning with revenue growth trends [2].