澳华内镜(688212)：业绩符合预期 关注全年收入端复苏节奏

Core Viewpoint - The company reported a significant decline in revenue and a net loss in Q1 2025, aligning with market expectations, while focusing on long-term growth potential through innovation and product development [1][4]. Revenue Performance - In Q1 2025, the company generated revenue of 124 million yuan, a decrease of 26.92% year-over-year, and reported a net loss attributable to shareholders of 28.79 million yuan, compared to a profit of 2.76 million yuan in Q1 2024 [1]. - The revenue pressure is attributed to the seasonal downturn and ongoing inventory clearance, with expectations for a recovery in revenue throughout 2025 as clinical recognition and brand strength improve [2]. Profitability Analysis - The gross margin for Q1 2025 was approximately 66.4%, showing a 0.5 percentage point increase from Q4 2024 but a 10 percentage point decrease year-over-year due to changes in accounting standards affecting warranty costs [2]. - The company prudently recognized inventory impairment and contract asset impairment provisions totaling approximately 3.64 million yuan, alongside credit impairment provisions of about 2.34 million yuan, which impacted quarterly profits [2]. Innovation and R&D Focus - In 2024, the company invested 164 million yuan in R&D, reflecting an 11.29% year-over-year increase, constituting 21.83% of total revenue [3]. - The company launched several new endoscopic systems, including the AQ-150 and AQ-120 series, aimed at enhancing diagnostic capabilities in healthcare institutions, with further product developments expected in the coming years [3]. Profit Forecast and Valuation - The company maintains its profit forecasts for 2025 and 2026 at 113 million yuan and 186 million yuan, respectively [4]. - Due to short-term impairments and long-term expense management, the target price has been adjusted down by 7.7% to 60 yuan, indicating a potential upside of 57.5% while maintaining an outperform rating [4].