Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The impact of inventory destocking has weakened, and the company is expected to recover in Q2 2024, with a projected revenue of 443 million yuan in 2024, a decrease of 5.90% year-on-year, and a net profit of 135 million yuan, down 7.11% year-on-year [1] - The sales of the new generation endoscope systems to major clients continue to grow, and as the destocking effect diminishes, the company is expected to see significant revenue growth in 2025, with a projected revenue increase of 24.65% [3] - The company has accelerated the commercialization of its endoscope systems and is actively developing peripheral products to enhance its product matrix and market competitiveness [1][2] Summary by Sections Revenue and Profit Forecast - The company’s revenue is projected to be 471 million yuan in 2023, decreasing to 443 million yuan in 2024, with a subsequent increase to 552 million yuan in 2025 and 669 million yuan in 2026 [4] - The net profit forecast for 2024 is 135 million yuan, with an increase to 185 million yuan in 2025 and 222 million yuan in 2026 [4] Research and Development - In 2024, the company’s R&D investment is expected to be 54 million yuan, accounting for 12.23% of its revenue, showcasing strong technical innovation capabilities [2] - The company has launched several new endoscope products in the U.S. market and has completed product registration for various endoscopes in the domestic market [2] Valuation Metrics - The projected P/E ratios for the company are 39 for 2023, 42 for 2024, 30 for 2025, 25 for 2026, and 21 for 2027 [4][11] - The projected net profit growth rates are -20.19% for 2023, -7.11% for 2024, 36.77% for 2025, 19.76% for 2026, and 21.09% for 2027 [4][11]