NovelBeam Technology(SH:688677) Guoyuan Securities·2024-05-16 04:32Investment Rating - The report gives a "Buy" investment rating for the company [3]. Core Views - The company is positioned as a key supplier in the global fluorescence rigid endoscope market, with significant growth potential driven by new product launches and increasing demand for core components [1][18]. - The fluorescence rigid endoscope market is expected to grow rapidly, with a projected compound annual growth rate (CAGR) of 24.3%, reaching USD 3.87 billion by 2024, while the market share of fluorescence products is anticipated to increase from 22.9% in 2019 to 53.5% [18][43]. - The company has established a strong foothold in the optical industry and is actively developing its own brand of endoscope systems, which is expected to lead the domestic fluorescence rigid endoscope market [18][19]. Summary by Sections Company Overview - The company, HaiTai New Light, specializes in medical imaging instruments, focusing on the research, production, and sales of medical endoscopes and optical products [27]. - The company has seen revenue growth from CNY 201 million in 2018 to CNY 471 million in 2023, although there was a slight decline in 2023 due to product iteration and decreased demand [15][19]. Market Dynamics - The rigid endoscope market is expanding rapidly, with the Chinese market expected to grow significantly, driven by the increasing adoption of minimally invasive surgery [35][60]. - The fluorescence endoscope technology is breaking through technical barriers, enhancing diagnostic and therapeutic efficiency, and is becoming a trend in the industry [37][60]. Financial Projections - Revenue projections for 2024-2026 are CNY 607 million, CNY 719 million, and CNY 881 million, representing year-on-year growth rates of 28.91%, 18.57%, and 22.41% respectively [19][20]. - The net profit attributable to the parent company is expected to reach CNY 196 million, CNY 239 million, and CNY 295 million for the same period, with corresponding growth rates of 34.72%, 21.62%, and 23.56% [19][20]. Competitive Position - The company has a stable shareholding structure and a strong management team, which enhances its confidence in future growth [30][57]. - The company maintains a high gross margin of 63.72% in 2023, attributed to its core technology and stable supply to partners [58].