澳华内镜（688212）：业绩阶段性承压，海外市场开拓顺利

Investment Rating - Maintain Outperform rating for the company [3][6] Core Views - In 2024, the company achieved revenue of RMB 750 million (+10.54%) and net profit attributable to shareholders of RMB 21.01 million (-63.68%) [3][6] - The flagship product AQ-300 continues to be promoted, boosting mid-to-high-end model installations [3][6] - Overseas market expansion is progressing well, with high growth expected, as overseas revenue reached RMB 161 million, up 42.70% YoY [3][6] Financial Summary - Revenue projections for 2023A to 2027E are as follows: RMB 678 million, RMB 750 million, RMB 827 million, RMB 1,017 million, and RMB 1,248 million respectively [2][4] - Net profit attributable to shareholders is projected to be RMB 58 million, RMB 21 million, RMB 91 million, RMB 117 million, and RMB 169 million for the same years [2][4] - EPS forecasts for 2025-2026 are raised to RMB 0.68 and RMB 0.87, with a new 2027 forecast of RMB 1.26 [3][6] Market Position and Strategy - The company is focusing on domestic substitution in the soft mirror industry, where foreign-funded enterprises currently hold a high market share [3][6] - The company plans to continue expanding its overseas markets, particularly in Europe and cost-sensitive emerging markets [3][6] - The company aims to enhance clinical recognition through improved product performance and increased market promotion [3][6]