Investment Rating - The report maintains a "Buy" rating for the company, highlighting the potential of new endoscopic products to penetrate high-end markets and the innovative capabilities of the medical device platform [5][8]. Core Views - The company is positioned as a leader in the domestic market for ultrasound and endoscopic medical devices, with a focus on expanding its product lines and enhancing market penetration through innovative high-end products [7][9]. - The recovery of procurement activities in the medical device sector is expected to provide a positive turning point for the company, which has been expanding its sales and technical teams despite recent industry challenges [7][9]. - The introduction of the HD-650 4K endoscope is anticipated to significantly enhance the company's competitive edge in high-end markets, supported by advanced imaging technologies and AI capabilities [7][29]. Summary by Sections 1. iEndo 4K Endoscope Leading Smart Transformation - The company launched the HD-650 4K iEndo smart endoscope platform in 2025, which offers ultra-high-definition image quality and improved operational experience, further enriching its product matrix [14][24]. - The HD-650 platform integrates advanced optical technologies and AI capabilities, enhancing diagnostic accuracy and operational efficiency [29][30]. 2. Continuous Iteration Strengthening Product Power, Procurement Recovery Signals Industry Turning Point - The company has seen a clear trend in high-end product iterations, with significant improvements in imaging and clinical applications [34][40]. - Domestic procurement activities for medical devices are gradually returning to normal, with notable increases in bid amounts for ultrasound and endoscopic products [44][45]. 3. Counter-Cyclical Layout of Potential Businesses, Innovative Products Expected to Support Long-Term Growth - The company has diversified its product offerings across ultrasound, endoscopy, minimally invasive surgery, and cardiovascular intervention, enhancing its competitive edge [50][56]. - The introduction of AI technologies and comprehensive solutions for various medical specialties is expected to drive sustained growth [50][56]. 4. Profit Forecast and Rating - The company is projected to achieve revenues of 23.88 billion, 27.77 billion, and 32.24 billion RMB from 2025 to 2027, with year-on-year growth rates of 18.56%, 16.32%, and 16.07% respectively [8][82]. - The forecasted net profits for the same period are 3.07 billion, 5.06 billion, and 6.42 billion RMB, with significant growth rates of 115.45%, 64.85%, and 26.99% [8][82].