Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 112.69 CNY for the next six months [5][8]. Core Insights - The company is positioned as a leading domestic player in the high-growth endoscope market, with significant potential for overseas expansion and improvements in domestic procurement policies [1][2][4]. - The global endoscope market is projected to exceed 30 billion USD by 2026, with a compound annual growth rate (CAGR) of approximately 7% for endoscopic consumables [2][25]. - The company has a comprehensive product line in endoscopic consumables, aligning closely with international competitors, and is transitioning towards becoming a comprehensive supplier in the endoscopy field [1][15]. Summary by Sections Company Overview - The company has achieved full coverage of major categories in the endoscopic consumables sector, including hemostatic closure, EMR/ESD, biopsy, ERCP, and diagnostic instruments, with industry-leading technological innovation capabilities [1][15]. - The company is expanding its pipeline of products under development, aiming to transition into a comprehensive endoscopic solutions provider [1][20]. Global Market Potential - The global endoscope market is expected to grow significantly, with the 2023 market size estimated at 25 billion USD and projected to reach over 30 billion USD by 2026 [2][25]. - The company has rapidly developed its overseas business, achieving 330 million CNY in overseas revenue in 2024, with a CAGR of 34% from 2019 to 2024 [2][3]. Domestic Market Dynamics - The domestic medical endoscope market is expected to exceed 50 billion CNY by 2032, with a projected CAGR of 8.7% over the next decade [4][10]. - Recent procurement policy optimizations are expected to benefit innovative domestic leaders like the company, enhancing market order and supporting high-quality products [4][10]. Financial Projections - The company is expected to achieve revenue growth rates of 24.8%, 25.0%, and 22.8% for the years 2025 to 2027, with net profit growth rates of 14.5%, 15.8%, and 15.3% respectively [8][10]. - The company's revenue for 2024 is projected to be 637 million CNY, with a net profit of 293 million CNY, reflecting strong growth despite short-term procurement pressures [20][21].

安杰思是内镜赛道高成长性国产龙头，新产品看点丰富。 目前公司已对内镜耗材领域主要品类实现全面覆盖，包括止血闭合类、EMR/ESD 类、活检类、ERCP 类和诊疗仪器类，与内镜耗材领域国际巨头产品线基本对齐，技术创新能力行业领先。在现有体系基础 上，公司进一步增加在研管线储备，向内镜领域综合供应商转型。未来值得期待的新产品包括：（1） 软式内窥镜设备：已解决镜体的操作问题并掌握了光源选择和图像处理核心算法，接下来即将进入产品 注册阶段。（2）高频手术设备（单双极电刀）：已完成内镜微创领域的新一代双极诊疗仪器高频手术 设备的开发，实现设备与耗材同步发展。（3）内窥镜手术辅助治疗机器人：下一阶段将开启动物实 验。 核心逻辑2：对内有集采改善。 （1）长期测算：预计2032 年我国整体医用内镜市场规模将有望超过500 亿元（设备，招采端口径；耗 材，假设长期来看集采降价50%），未来10 年的CAGR 预计约为8.7%。 （2）后续集采优化：包括支持终端机构选择自己认可的品牌报量，鼓励创新，优化价差计算"锚点"， 不再以简单的最低价作为参考，同时报价最低企业要公开说明报价的合理性，并不低于成本报价等。 这将更加有利于 ...