MTM(688029) 东吴证券·2025-02-25 13:16Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 performance met expectations, with total revenue of 2.76 billion yuan (up 14.47% year-on-year) and net profit attributable to shareholders of 551.67 million yuan (up 13.53% year-on-year) [7] - The company is expanding its overseas presence through strategic acquisitions and partnerships, including the acquisition of a 51% stake in Creo Medical, which will enhance its sales network in Europe [7] - The establishment of a manufacturing center in Thailand is expected to boost production capabilities and support international market expansion [7] - Profit forecasts for 2024-2026 have been adjusted, with net profits projected at 5.52 billion yuan for 2024, 6.97 billion yuan for 2025, and 9.36 billion yuan for 2026, reflecting the company's leading position in overseas market expansion [7] Financial Summary - Total revenue is projected to grow from 2.41 billion yuan in 2023 to 3.93 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 18.94% [8] - Net profit attributable to shareholders is expected to increase from 486 million yuan in 2023 to 936 million yuan in 2026, with a CAGR of approximately 34.30% [8] - The company's earnings per share (EPS) is forecasted to rise from 2.59 yuan in 2024 to 4.98 yuan in 2026 [8] - The price-to-earnings (P/E) ratio is projected to decrease from 27.12 in 2023 to 14.08 in 2026, indicating potential value appreciation [8]