Investment Rating - The investment rating for the company is "Accumulate" [4]. Core Views - The company reported a revenue of 750 million yuan in 2024, representing a year-on-year growth of 10.54%, but the net profit attributable to shareholders decreased by 63.68% to 21.01 million yuan [1]. - In Q1 2025, the company faced challenges with a revenue drop of 26.92% to 124 million yuan and a significant net loss of 28.79 million yuan, a decrease of 1143.36% year-on-year [1]. - Domestic revenue was under pressure due to reduced procurement activities, while overseas revenue grew significantly by 42.70% to 161 million yuan in 2024 [2]. Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 750 million yuan, with a year-on-year growth of 10.54%. However, the net profit attributable to shareholders was only 21.01 million yuan, down 63.68% from the previous year [1][8]. - The first quarter of 2025 saw a revenue decline to 124 million yuan, a 26.92% decrease year-on-year, and a net loss of 28.79 million yuan [1]. Domestic and Overseas Market - Domestic revenue for 2024 was 586 million yuan, growing by 3.93%, but limited by a decrease in procurement activities and tender amounts [2]. - The company expanded its overseas marketing network, resulting in a 42.70% increase in overseas revenue to 161 million yuan in 2024 [2]. Research and Development - The company invested 164 million yuan in R&D in 2024, an increase of 11.29%, accounting for 21.83% of total revenue [3]. - Significant product developments included the launch of various advanced endoscopic systems and tools aimed at improving diagnostic capabilities [3]. Profit Forecast - The revenue forecast for 2025-2027 is adjusted to 825 million yuan, 1.021 billion yuan, and 1.238 billion yuan respectively, with net profits expected to be 74 million yuan, 114 million yuan, and 164 million yuan [4][7]. - The earnings per share (EPS) are projected to be 0.55 yuan, 0.85 yuan, and 1.22 yuan for the years 2025, 2026, and 2027 respectively [7].

Investment Rating - Investment Rating: Buy (Maintained) [1] Core Views - The company reported a total revenue of 750 million yuan in 2024, representing a year-on-year growth of 10.54%, while net profit decreased by 63.68% to 21.01 million yuan [4][6] - Domestic revenue faced pressure in 2024, with approximately 586 million yuan, a year-on-year increase of about 4%, while overseas revenue grew significantly by approximately 42.7% to 161 million yuan [6][10] - The company plans to increase revenue to 844 million yuan, 1.06 billion yuan, and 1.33 billion yuan in 2025, 2026, and 2027, respectively, with expected year-on-year growth rates of 12.5%, 25.7%, and 25.8% [10][12] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 750 million yuan, with a net profit of 21 million yuan and a basic earnings per share (EPS) of 0.16 yuan [4][5] - The company declared a cash dividend of 0.80 yuan per 10 shares, totaling 10.72 million yuan, which accounts for approximately 51% of net profit [4] Domestic and Overseas Market Analysis - Domestic revenue growth was constrained due to industry factors, while overseas markets showed strong growth [6] - The company’s domestic market is expected to recover as industry procurement resumes and inventory levels decrease [6] - The overseas revenue growth was driven by successful market entry and brand influence, with a gross margin of 58.15% in 2024 [6][10] Research and Development - The company increased R&D expenditure to 163.6 million yuan in 2024, accounting for 21.83% of total revenue, with significant advancements in product lines [7] - New product launches include electronic endoscopes and high-definition systems, enhancing diagnostic capabilities [7][9] Future Projections - Revenue projections for 2025-2027 are 844 million yuan, 1.06 billion yuan, and 1.33 billion yuan, with corresponding net profits of 54 million yuan, 96 million yuan, and 144 million yuan [10][12] - The expected EPS for 2025, 2026, and 2027 are approximately 0.40 yuan, 0.71 yuan, and 1.07 yuan, with P/E ratios of 102, 58, and 39, respectively [10][12]