Well Lead(603309) 华安证券·2025-04-29 12:29Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a recovery in overseas business growth, with a rich pipeline of products under research and orderly construction of new production capacity [1][8] - In 2024, the company achieved operating revenue of 1.509 billion yuan, a year-on-year increase of 8.76%, and a net profit attributable to shareholders of 219 million yuan, up 13.98% year-on-year [4][5] - The company is actively expanding its overseas production base in Mexico and exploring new markets in Europe, South America, and Southeast Asia [6][8] Financial Performance - In 2024, the company's domestic sales revenue was 683 million yuan, a decrease of 5.39% year-on-year, while overseas sales revenue was 797 million yuan, an increase of 23.74% year-on-year [5][6] - The company expects revenues of 1.779 billion yuan, 2.073 billion yuan, and 2.426 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 17.9%, 16.6%, and 17.0% [8][10] - The projected net profit attributable to shareholders for 2025, 2026, and 2027 is 267 million yuan, 318 million yuan, and 384 million yuan respectively, with growth rates of 21.5%, 19.1%, and 20.9% [8][10] Product Development and Capacity Expansion - The company has a diverse range of products under research, including key anesthesia products and various medical devices, with plans to enhance production capacity in both domestic and international markets [7][8] - New production facilities are being established in Zhaoqing, China, and Mexico, with the aim to complete the first phase of construction by Q1 2026 [7][8] Market Strategy - The company is focusing on refining its channel management and optimizing its distributor structure to adapt to the changing landscape of the medical consumables market [5][6] - A specialized procurement and public affairs department has been established to navigate government procurement policies and enhance competitive pricing strategies [5][6]