Investment Logic - The company's inventory digestion is nearing completion, and the medical equipment upgrade is driving a recovery in bidding procurement, alongside accelerated expansion in overseas markets, indicating an upcoming inflection point in performance [1] - Starting in 2024, the execution of equipment upgrades will significantly delay in-hospital bidding rhythm, while the company is accelerating the launch process of AQ400, leading to a proactive inventory adjustment cycle, resulting in short-term performance pressure and temporary losses due to unmet equity incentive targets and cost disturbances [1] - By Q2 2025, the company's revenue has begun to grow quarter-on-quarter, and losses have narrowed, suggesting that overall performance is expected to improve steadily from the end of this year [1] Product Development and Market Position - The Olympus X1 endoscope has received approval, and a surge in high-end endoscope procurement is imminent, with the new AQ400 model expected to compete directly with X1 and offer 3D imaging advantages, facilitating rapid expansion in the high-end market of top-tier hospitals [2] - Olympus, as a global leader in flexible endoscopes, will see revenue growth in this region with the launch of its latest X1 model and related products, which are anticipated to trigger a procurement boom in the domestic market, particularly among top-tier hospitals [2] - The company's AQ400 high-end model, designed to compete with X1, features EDOF imaging performance and a 3D differentiation advantage, positioning it competitively to benefit from accelerated industry procurement demand and market share growth [2] Strategic Initiatives - The company is strategically developing an ERCP robot to address clinical pain points related to high radiation exposure, aiming to become the first in the world to launch this product between 2027 and 2028 [3] - There is a significant patient population in China with biliary and pancreatic diseases, with approximately 3 million patients needing ERCP procedures, but only about 300,000 procedures currently performed, indicating a low penetration rate of 10% compared to mature markets like the U.S. [3] - The ERCP robot can facilitate remote operations, physically separating doctors from radiation exposure, optimizing procedural workflows, enhancing surgical precision, and reducing the need for contrast agents, thereby alleviating patient burdens and shortening training periods for doctors [3] Financial Projections - The company is focusing on R&D innovation and high-end breakthroughs, with ongoing recovery in bidding procurement and inventory digestion, alongside the anticipated high-end endoscope procurement boom driven by Olympus X1's launch [4] - The AQ400 is expected to contribute significant incremental revenue due to its upgraded performance and 3D differentiation advantage [4] - The company’s exclusive ERCP robot is designed to address domestic clinical pain points, with clinical trials progressing smoothly and a projected launch between 2027 and 2028 [4] - Revenue projections for 2025-2027 are estimated at 753 million, 895 million, and 1.1 billion yuan, with year-on-year growth rates of 0.51%, 18.78%, and 22.97% respectively; net profit estimates are 10 million, 81 million, and 150 million yuan, with growth rates of -50.57%, 675.33%, and 85.96% respectively [4]