澳华内镜(688212)：公司业绩短期承压 看好去库存压力消化后业绩回升

Group 1 - The company reported Q1 2025 revenue of 124 million (YoY -26.92%) and a net profit of -29 million (YoY -1143.36%) [1] - The company's performance is under short-term pressure due to market adjustments and inventory challenges, but there is optimism for improved performance throughout the year as inventory pressure eases [2] - The company has initiated a second round of equipment updates and is seeing a gradual recovery in bidding from hospitals, which is expected to support performance recovery [2] Group 2 - The company is steadily launching new products and deepening its presence in the county-level grassroots market, with several new products introduced in Q1 2025 [3] - The company has expanded its coverage to 181 new hospitals and conducted over 300 academic exchange activities, training more than 2400 grassroots doctors [3] - Revenue forecasts for 2025-2027 are projected at 867 million, 1027 million, and 1217 million respectively, with significant growth in net profit expected [3]