MTM(688029) 国金证券·2025-02-25 03:34Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [2][10]. Core Insights - The company is projected to achieve a revenue of 2.761 billion RMB in 2024, representing a year-on-year growth of 14%. The net profit attributable to shareholders is expected to be 552 million RMB, also up 14% year-on-year [1]. - The company is expanding its overseas market presence and enhancing its production capabilities with the establishment of a manufacturing center in Thailand, which will improve its risk resilience and production capacity for high-end medical devices [1]. - The acquisition of a 51% stake in Creo Medical S.L.U. will strengthen the company's position in the European market, particularly in the minimally invasive surgical equipment sector, and enhance its international sales network [2]. Summary by Sections Performance Overview - For 2024, the company anticipates a revenue of 2.761 billion RMB, a 14% increase from the previous year, and a net profit of 552 million RMB, also reflecting a 14% growth [1]. - In Q4 alone, the expected revenue is 748 million RMB, with a net profit of 101 million RMB, showing a 1% increase year-on-year [1]. Operational Analysis - The company is focusing on independent research and development, innovation in medical technology, and collaboration with academic institutions to deepen its domestic marketing and expand its overseas channels [1]. - The new manufacturing center in Thailand will be equipped with advanced technology and is expected to supply products primarily to the US, Europe, and Southeast Asia [1]. Mergers and Acquisitions - The company plans to acquire 51% of Creo Medical S.L.U. for up to 36.72 million euros, which will enhance its product offerings in Europe and complement its sales channels [2]. Profit Forecast and Valuation - The projected net profits for 2024, 2025, and 2026 are 552 million RMB, 696 million RMB, and 858 million RMB, respectively, with growth rates of 14%, 26%, and 23% [2]. - The current price-to-earnings (P/E) ratios are expected to be 23, 18, and 15 for the years 2024, 2025, and 2026 [2].