Investment Rating - The investment rating for the company is "Buy" (maintained) [12] Core Views - The company achieved a revenue growth of 34.91% year-on-year in Q1 2024, reaching 169 million yuan, while the net profit attributable to shareholders decreased by 83.32% to 3 million yuan due to share-based payment impacts [9][11] - The gross margin remained stable at 76.40%, with an increase in expense ratios due to heightened marketing efforts and personnel investments [9][10] - The flagship product AQ300 has seen significant market penetration, with a 269% increase in installed units in tertiary hospitals [10] Financial Performance Summary - Revenue projections for 2024-2026 are 991 million yuan, 1.444 billion yuan, and 2.018 billion yuan, with year-on-year growth rates of 46.1%, 45.8%, and 39.7% respectively [11] - The net profit attributable to shareholders is forecasted to be 99 million yuan, 172 million yuan, and 262 million yuan for the same period, with growth rates of 71.3%, 73.2%, and 52.7% respectively [11] - The current price-to-sales ratio is projected at 7x, 6x, and 4x for the years 2024, 2025, and 2026 [11] Market and Product Insights - The company is focusing on innovation and has expanded its product line with new offerings such as UHD series duodenoscopes and various endoscope systems, enhancing its market competitiveness [10] - The company has increased its R&D investment, which is expected to further strengthen its product portfolio and market position [10]
2024年一季度营收增长35%，AQ300持续发力