MTM(688029) 东吴证券·2025-02-25 14:23Investment 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 for 2024 is projected at 2.76 billion yuan, with a year-on-year growth rate of 14.47% [1] - Net profit attributable to shareholders for 2024 is expected to be 551.67 million yuan, with a growth rate of 13.53% [1] - The company's earnings per share (EPS) is forecasted to be 2.94 yuan for 2024, with a price-to-earnings (P/E) ratio of 23.89 [1] - The company maintains a healthy financial position with a debt-to-asset ratio of 16.74% and a projected return on equity (ROE) of 13.76% for 2024 [6][8]