Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company reported a total revenue of 750 million yuan in 2024, representing a year-on-year growth of 10.54%, while net profit decreased by 63.68% to 21.01 million yuan [4][6] - Domestic revenue faced pressure in 2024, with approximately 586 million yuan, a year-on-year increase of about 4%, while overseas revenue grew significantly by approximately 42.7% to 161 million yuan [6][10] - The company plans to increase revenue to 844 million yuan, 1.06 billion yuan, and 1.33 billion yuan in 2025, 2026, and 2027, respectively, with expected year-on-year growth rates of 12.5%, 25.7%, and 25.8% [10][12] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 750 million yuan, with a net profit of 21 million yuan and a basic earnings per share (EPS) of 0.16 yuan [4][5] - The company declared a cash dividend of 0.80 yuan per 10 shares, totaling 10.72 million yuan, which accounts for approximately 51% of net profit [4] Domestic and Overseas Market Analysis - Domestic revenue growth was constrained due to industry factors, while overseas markets showed strong growth [6] - The company’s domestic market is expected to recover as industry procurement resumes and inventory levels decrease [6] - The overseas revenue growth was driven by successful market entry and brand influence, with a gross margin of 58.15% in 2024 [6][10] Research and Development - The company increased R&D expenditure to 163.6 million yuan in 2024, accounting for 21.83% of total revenue, with significant advancements in product lines [7] - New product launches include electronic endoscopes and high-definition systems, enhancing diagnostic capabilities [7][9] Future Projections - Revenue projections for 2025-2027 are 844 million yuan, 1.06 billion yuan, and 1.33 billion yuan, with corresponding net profits of 54 million yuan, 96 million yuan, and 144 million yuan [10][12] - The expected EPS for 2025, 2026, and 2027 are approximately 0.40 yuan, 0.71 yuan, and 1.07 yuan, with P/E ratios of 102, 58, and 39, respectively [10][12]