Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company is experiencing short-term pressure on performance due to a slight decline in revenue and significant profit impact from increased expenses. Revenue for 2024 is projected at 2.014 billion yuan, down 5.02%, with a net profit of 142 million yuan, down 68.67% [1][9] - The company is making strategic investments during an industry downturn, which is expected to positively impact performance starting in 2025 as the bidding environment improves [4][25] Financial Performance Summary - Revenue for 2024 is expected to be 2.014 billion yuan, a decrease of 5.02%, with a net profit of 142 million yuan, reflecting a 68.67% decline. The fourth quarter of 2024 is projected to have a revenue of 616 million yuan, down 5.63%, and a net profit of 33 million yuan, down 75.03% [1][9] - The gross margin for 2024 is forecasted at 63.78%, a decrease of 5.63 percentage points, influenced by a higher proportion of lower-margin overseas business and price impacts from county-level medical equipment procurement [2][18] - The company has increased its workforce by 16% to a total of 3,122 employees, indicating a strong commitment to R&D and sales talent acquisition [3][21] Revenue and Profit Forecast - Revenue projections for 2025, 2026, and 2027 are 2.334 billion yuan, 2.694 billion yuan, and 3.089 billion yuan, respectively, with expected growth rates of 16%, 15%, and 15% [4][25] - Net profit forecasts for the same years are 310 million yuan, 400 million yuan, and 480 million yuan, with growth rates of 120%, 27%, and 22% [4][25] Market Position and Product Development - The company is actively introducing new products across various fields, including high-end ultrasound machines and advanced endoscopic platforms, enhancing its competitive edge in the market [3][21] - The company’s domestic business has seen a decline, with a revenue of 1.04 billion yuan, down 11.62%, while overseas revenue has grown by 3.27% to 970 million yuan [14]