Core Insights - The report highlights the growth potential of the endoscopic diagnostic and therapeutic device market, driven by aging populations and increasing chronic disease burdens, alongside government initiatives promoting early screening and minimally invasive treatments [3][4] - The global endoscopic device market is projected to reach USD 11.09 billion by 2031, with a compound annual growth rate (CAGR) of 6.1% over the coming years [4] Industry Overview - Endoscopic devices are specialized medical tools used for observing, diagnosing, and treating diseases within human cavities or organs, including biopsy forceps, snares, injection needles, and electrosurgical instruments [3] - The shift from "examination" to "examination and treatment" is accelerating due to advancements in imaging technology and the integration of AI for quality control and lesion identification [3][4] Market Dynamics - The industry faces pressures from stricter regulations, upgraded standards, and rising compliance costs, while domestic alternatives for key components are emerging but require time for validation [4] - The penetration of single-use devices is increasing sensitivity to costs within hospitals, which may compress corporate profits if payment and pricing mechanisms do not align [4] Demand and Supply Trends - Clinical demand is evolving towards comprehensive solutions that include imaging, access, energy, and consumables, with hospitals favoring high turnover and cost-effective departments [4] - The international market is characterized by a dual focus on high-end products and localized services, with emerging markets emphasizing cost-effectiveness and accessibility [4] Investment Opportunities - The report suggests that Chinese enterprises have investment opportunities in the Russian endoscopic device market, with a detailed SWOT analysis provided [9][10] - The investment environment in Russia is evaluated for 2025-2026, highlighting potential challenges and advantages for market entry [7][9]

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].