Investment Rating - The investment rating for the company is "Buy" [5]. Core Views - The company achieved a revenue of 169 million yuan in Q1 2024, representing a year-on-year growth of 34.91%. However, the net profit attributable to shareholders decreased by 83.32% to 3 million yuan due to the impact of share-based payments [2]. - The gross margin remained stable at 76.40%, while the expense ratios increased, with the sales expense ratio at 37.55% (+4.46pp) and the management expense ratio at 16.40% (+2.88pp) [2]. - The flagship product AQ300 has seen significant market penetration, with a 269% increase in the number of units installed in tier-three hospitals [3]. - The company is focusing on innovation and has expanded its product line with new offerings, including UHD series endoscopes and a 3D flexible endoscope currently in development [3]. Financial Performance and Forecast - The company maintains its profit forecast, expecting revenues of 991 million yuan, 1.44 billion yuan, and 2.02 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 46.1%, 45.8%, and 39.7% [4]. - The net profit attributable to shareholders is projected to be 99 million yuan, 172 million yuan, and 262 million yuan for the same years, with growth rates of 71.3%, 73.2%, and 52.7% [4]. - The current stock price corresponds to price-to-sales ratios of 7x, 6x, and 4x for the years 2024, 2025, and 2026, respectively [4].
2024年一季度营收增长35%，AQ300持续发力