Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3][9]. Core Insights - The company is positioned in the high-end surgical instrument market, focusing on minimally invasive and intelligent solutions, which are expected to drive significant growth [3][16]. - The market for surgical staplers is expanding due to increasing surgical demands and a shift towards minimally invasive procedures, with the company benefiting from domestic substitution trends [1][2]. - The company's dual strategy of focusing on both domestic and international markets has led to a substantial increase in overseas revenue, which is projected to continue growing [3][4]. Summary by Sections 1. High-End Surgical Instrument Layout - The company has established itself in the high-end surgical stapler market through continuous innovation and has developed several leading technologies [16][22]. - The management team emphasizes a long-term strategy focused on innovation and market penetration, which has resulted in over 800 patents [19][20]. - The company has a comprehensive quality management system that enhances production efficiency and product reliability [33]. 2. Market Potential and Competitive Advantage - The surgical stapler market is expected to grow significantly, driven by increasing surgical procedures and a rising penetration rate of minimally invasive surgeries in China [1][2]. - The company is actively involved in R&D, with a focus on developing high-value products that meet market demands [22][23]. - The domestic market is supported by policy incentives and an expanding healthcare infrastructure, which is expected to further boost demand for surgical instruments [1][2]. 3. Intelligent Platform Development - The MA platform is being developed to create a second growth curve for the company, with significant investments already made and patents secured [2][3]. - The intelligent surgical platform aims to address industry pain points and enhance operational efficiency through advanced technology [2][3]. 4. International Market Expansion - The company has successfully entered 64 countries, with overseas revenue growing from 0.42 billion to 1.06 billion from 2020 to 2024, representing a 21.6% year-on-year increase [3][4]. - The international strategy is complemented by partnerships with global leaders, enhancing brand recognition and market presence [3][4]. 5. Financial Projections - The company forecasts a steady increase in revenue and net profit from 2025 to 2027, with projected net profits of 0.80 billion, 1.01 billion, and 1.28 billion respectively [3][4].