Core Viewpoint - The company is expected to recover growth starting from 2025 as the impact of customer inventory reduction diminishes, leading to significant increases in shipments and revenue growth in response to recovering customer demand [3]. Group 1: Financial Performance - In 2024, the company is projected to achieve operating revenue of 443 million, a year-on-year decrease of 5.90%, and a net profit attributable to the parent company of 135 million, down 7.11% year-on-year [3]. - In Q1 2025, revenue is expected to grow by 24.9% year-on-year and 18.3% quarter-on-quarter as customer inventory levels decrease and the impact of destocking weakens [3]. Group 2: Product Development and Market Position - The second-generation 4K endoscope system began mass production and sales in 2024, showing accelerated growth in the domestic market with positive market feedback [4]. - The company is continuously developing a full range of products (cameras, light sources, various scopes) and actively developing ancillary products such as cutting and electrosurgical instruments to enhance its product matrix and market competitiveness [4]. Group 3: Research and Development Investment - In 2024, the company invested 54 million in R&D, accounting for 12.23% of its operating revenue, demonstrating strong technological innovation capabilities and market competitiveness [5]. - The company has launched several new endoscope products in the U.S. market, including a new 4mm hysteroscope and has completed product registration for various laparoscopes in the domestic market [5][6].

2025 年 8 月 12 日 公司研究 去库影响减弱，期待二季度业绩修复 风险提示：新订单不及预期；新产品推广不及预期；贸易摩擦风险等。 公司盈利预测与估值简表 | 指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 471 | 443 | 552 | 669 | 816 | | 营业收入增长率 | -1.31% | -5.90% | 24.65% | 21.25% | 21.90% | | 归母净利润（百万元） | 146 | 135 | 185 | 222 | 268 | | 归母净利润增长率 | -20.19% | -7.11% | 36.77% | 19.76% | 21.09% | | EPS（元） | 1.20 | 1.12 | 1.54 | 1.85 | 2.24 | | ROE（归属母公司)（摊薄） | 11.27% | 10.38% | 13.07% | 14.09% | 17.40% | | P/E | 39 | 42 | 30 | 25 | 21 | ...