Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook for future growth based on revenue recovery and product development [1][2]. Core Views - The company experienced a revenue decline in 2024 due to inventory destocking by major clients, but has shown signs of recovery with revenue growth in Q4 2024 and Q1 2025 [2]. - The company’s medical endoscope product line is expected to recover rapidly as new products are launched and market demand increases [2]. - The company is enhancing its overseas production capabilities to mitigate risks associated with trade policies, which is anticipated to improve supply capacity [2]. - Revenue forecasts for 2025-2027 indicate significant growth, with expected revenues of 5.69 billion, 7.12 billion, and 8.74 billion respectively, reflecting year-on-year growth rates of 28.6%, 25.0%, and 22.8% [2][3]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 4.43 billion (down 5.90% YoY) and a net profit of 1.35 billion (down 7.11% YoY) [1][3]. - The gross margin for 2024 was 64.51%, showing a slight increase from the previous year [2]. - The company’s net profit margin was stable at 30.20% [2]. Revenue and Profit Forecast - Projected revenues for 2025, 2026, and 2027 are 5.69 billion, 7.12 billion, and 8.74 billion respectively, with corresponding net profits of 1.82 billion, 2.31 billion, and 2.86 billion [2][3]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.51, 1.91, and 2.37 respectively [3]. Market and Product Development - The company has launched new products in the U.S. market, including a new 4mm hysteroscope and has made progress in developing other endoscopic products [2]. - The company is expanding its marketing efforts and sales team to enhance brand influence and market penetration [2].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook for future growth, suggesting a favorable investment perspective [1][2]. Core Viewpoints - The company experienced a revenue decline in 2024 due to inventory destocking by major clients, but has shown signs of recovery with revenue growth in Q4 2024 and Q1 2025, achieving revenues of 1.24 billion and 1.47 billion respectively, representing year-on-year increases of 31.59% and 24.86% [2]. - The company’s medical endoscope product line is expected to recover rapidly as new products are launched, including a new 4mm hysteroscope and a 2.9mm cystoscope [2]. - The company maintains stable profitability with a gross margin of 64.51% in 2024, and is expanding its overseas production capabilities to enhance supply capacity [2]. - Revenue projections for 2025-2027 are optimistic, with expected revenues of 5.69 billion, 7.12 billion, and 8.74 billion respectively, reflecting growth rates of 28.6%, 25.0%, and 22.8% [2][3]. Summary by Relevant Sections Financial Performance - In 2024, the company reported total revenue of 4.43 billion (down 5.90% YoY) and a net profit of 1.35 billion (down 7.11% YoY) [1][3]. - The gross margin for 2024 was 64.51%, with a net profit margin of 30.20% [2][3]. - The company’s earnings per share (EPS) for 2025 is projected to be 1.51, with a corresponding price-to-earnings (P/E) ratio of 22.94 [3]. Revenue and Profit Forecast - The forecast for total revenue from 2025 to 2027 is as follows: 5.69 billion in 2025, 7.12 billion in 2026, and 8.74 billion in 2027, with net profits expected to be 1.82 billion, 2.31 billion, and 2.86 billion respectively [2][3]. - The company’s return on equity (ROE) is projected to improve from 10.4% in 2024 to 17.6% in 2027 [3]. Market Position and Strategy - The company is enhancing its brand influence and expanding its sales team to improve market penetration, which has led to increased expenses [2]. - The establishment of production capabilities in the U.S. and Thailand is aimed at mitigating risks associated with trade policies and improving supply chain efficiency [2].