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].

Core Viewpoint - Anjies is a leading domestic player in the high-growth endoscope market, with a comprehensive product line in endoscopic consumables and strong technological innovation capabilities [1] Group 1: Product Development and Innovation - The company has achieved full coverage of major categories in the endoscopic consumables field, aligning its product line with international giants [1] - Upcoming products include soft endoscope devices, high-frequency surgical equipment, and endoscopic surgical assistance robots, with significant advancements in technology and product registration phases [1] Group 2: Global Market Expansion - The global endoscope market is estimated to be approximately $25 billion in 2023, with the endoscopic consumables market around $6 billion and a projected CAGR of 7% over the next three years [2] - The company's overseas revenue is expected to reach 330 million yuan in 2024, with a CAGR of 34% from 2019 to 2024, and overseas revenue accounting for 52% of total revenue [2] - The company has established deep collaborations with top KOLs and is expanding its global supply chain, with operations in Europe, North America, and a production base in Thailand [2] Group 3: Domestic Market Dynamics - The overall medical endoscope market in China is projected to exceed 50 billion yuan by 2032, with a CAGR of approximately 8.7% over the next decade [3] - Recent procurement reforms are expected to benefit high-quality domestic leaders like Anjies by allowing institutions to choose recognized brands and encouraging innovation [3] Group 4: Investment Outlook - The company has been given a "Buy-A" investment rating with a target price of 112.69 yuan over the next six months, anticipating revenue growth rates of 24.8%, 25.0%, and 22.8% from 2025 to 2027 [4] - Net profit growth is expected to be 14.5%, 15.8%, and 15.3% during the same period, indicating strong growth potential [4]