双极产品翻开诊疗新篇章，境内外双轮驱动业绩增长

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the initial coverage [4]. Core Views - The company is deeply engaged in the endoscopic consumables sector and has gradually become a leading enterprise in China, with overseas operations leading the way [1][9]. - The dual-polarity products are expected to open a new chapter in ESD treatment, with a promising outlook for the "equipment + consumables" integrated model [1][10]. - The company has a strong ability to maintain high gross margins through supply chain management, automated production, and product iteration, despite potential price linkage in the future [8][9]. Financial Data and Valuation - Revenue (in million CNY): - 2021: 305 - 2022: 371 - 2023E: 509 - 2024E: 659 - 2025E: 907 - Growth Rates: - 2021: 78% - 2022: 21% - 2023E: 37% - 2024E: 30% - 2025E: 38% - Net Profit (in million CNY): - 2021: 105 - 2022: 145 - 2023E: 217 - 2024E: 266 - 2025E: 347 - P/E Ratios: - 2021: 1.81 - 2022: 2.50 - 2023E: 3.75 - 2024E: 4.60 - 2025E: 5.99 - The report estimates a revenue CAGR of 35% and a net profit CAGR of 34% from 2023 to 2025, with a target price of 124.24 CNY based on a 27x P/E for 2024 [3][51][11]. Company Overview - The company has established a stable control structure and a growing R&D team, with a focus on technological innovation as a differentiating strategy [91][116]. - The company has achieved significant market penetration, with a domestic market share of 15.7% for its hemostatic clip products as of 2022 [9][119]. - The company has successfully built its overseas sales channels, with a notable increase in self-owned brand distribution, which accounted for 16.8% of sales by Q3 2023 [2][135]. Market Dynamics - The global endoscopic minimally invasive diagnostic and therapeutic device market is expected to grow, with a projected CAGR of approximately 6% from 2021 to 2024 [94]. - The company’s hemostatic clip business is expected to grow steadily, with limited impact from centralized procurement policies [9][135]. - The report highlights the potential for significant growth in the domestic endoscopic market, which has not yet fully realized its demand, indicating a substantial opportunity for future expansion [119][126].