WDM(600055) 中信建投·2025-03-31 12:10Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of over 15% in the next six months [4]. Core Insights - The company's performance meets expectations, with a projected revenue growth of 23% and a non-GAAP net profit growth of 5% for 2024. The profit margin is primarily impacted by a decline in gross margin [1][3]. - The company has launched a stock option incentive plan for 2025, with ambitious revenue growth targets of 27.5%, 62%, and 120% for the years 2025 to 2027, reflecting strong long-term confidence [1][11]. - The domestic market share for CT, MR, and DSA products remains low, suggesting significant growth potential as the company enhances its high-end product lineup and expands into overseas markets [1][15]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.524 billion yuan, a 23% increase year-on-year, while the net profit attributable to shareholders was 157 million yuan, a 17% decrease [2][3]. - The fourth quarter of 2024 saw revenues of 431 million yuan, a 39% increase, while the net profit decreased by 39% to 42 million yuan [3]. Product Performance - The company achieved significant growth in CT and MR product sales, with MR sales increasing by 93% and CT sales by 90% in 2024. Revenue from MR grew by 75% and CT by 55% [8][9]. - The company is focusing on high-end product development, with new products like the 3.0T MR and 64-slice CT expected to drive future growth [9][10]. Market Outlook - The report anticipates continued improvement in industry bidding activities and the implementation of new equipment update policies, which should support revenue growth [1][15]. - The company is expected to maintain a strong growth trajectory in overseas markets, with a projected revenue increase of 68% from international sales in 2024 [3][9]. Research and Development - The company is increasing its R&D investment, with a projected R&D expense of 165 million yuan in 2025, reflecting a commitment to innovation and product development [10][11]. - The gross margin is expected to decline to 36.6% in 2024, primarily due to changes in product mix, with lower-margin products gaining a larger share of revenue [10][17]. Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 1.947 billion yuan, 2.496 billion yuan, and 3.322 billion yuan, respectively, with year-on-year growth rates of 28%, 28%, and 33% [15][17]. - The projected net profit for the same years is expected to be 191 million yuan, 240 million yuan, and 318 million yuan, with growth rates of 21%, 26%, and 32% [15][17].