Core Viewpoint - Anjies is a leading domestic player in the high-growth endoscope market, with a comprehensive product line in endoscopic consumables and strong technological innovation capabilities [1] Group 1: Product Development and Innovation - The company has achieved full coverage of major categories in the endoscopic consumables field, aligning its product line with international giants [1] - Upcoming products include soft endoscope devices, high-frequency surgical equipment, and endoscopic surgical assistance robots, with significant advancements in technology and product registration phases [1] Group 2: Global Market Expansion - The global endoscope market is estimated to be approximately $25 billion in 2023, with the endoscopic consumables market around $6 billion and a projected CAGR of 7% over the next three years [2] - The company's overseas revenue is expected to reach 330 million yuan in 2024, with a CAGR of 34% from 2019 to 2024, and overseas revenue accounting for 52% of total revenue [2] - The company has established deep collaborations with top KOLs and is expanding its global supply chain, with operations in Europe, North America, and a production base in Thailand [2] Group 3: Domestic Market Dynamics - The overall medical endoscope market in China is projected to exceed 50 billion yuan by 2032, with a CAGR of approximately 8.7% over the next decade [3] - Recent procurement reforms are expected to benefit high-quality domestic leaders like Anjies by allowing institutions to choose recognized brands and encouraging innovation [3] Group 4: Investment Outlook - The company has been given a "Buy-A" investment rating with a target price of 112.69 yuan over the next six months, anticipating revenue growth rates of 24.8%, 25.0%, and 22.8% from 2025 to 2027 [4] - Net profit growth is expected to be 14.5%, 15.8%, and 15.3% during the same period, indicating strong growth potential [4]