NovelBeam Technology(688677) 华创证券·2025-05-12 10:35Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 42 yuan [2][9]. Core Views - The company reported a revenue of 443 million yuan for 2024, a decrease of 5.90% year-on-year, and a net profit attributable to shareholders of 135 million yuan, down 7.11% [2][4]. - In Q4 2024, the company experienced a revenue increase of 31.59% to 124 million yuan and a net profit increase of 37.92% to 38 million yuan, indicating a potential upward turning point in performance [2][4]. - The company plans to distribute a cash dividend of 0.6 yuan per share (before tax) to all shareholders [2]. Financial Summary - Total revenue is projected to grow from 443 million yuan in 2024 to 828 million yuan by 2027, with a compound annual growth rate (CAGR) of 21.3% [4]. - Net profit is expected to increase from 136 million yuan in 2024 to 281 million yuan in 2027, reflecting a CAGR of 23.1% [4]. - Earnings per share (EPS) are forecasted to rise from 1.12 yuan in 2024 to 2.34 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 31 to 15 [4][9]. Business Performance - The company's medical endoscope business generated 345 million yuan in revenue for 2024, a decline of 7.04%, while optical revenue was 95 million yuan, down 1.80% [9]. - The company has seen a recovery in revenue growth in Q4 2024 and Q1 2025, attributed to reduced inventory levels among overseas clients and increasing demand [9]. - The company has completed certifications for its overseas subsidiaries, which mitigates trade friction risks and allows for smoother order fulfillment in the U.S. market [9]. Product Development - The company has launched a full range of laparoscopic products in the domestic market and has developed new endoscope products for various medical fields, which are now registered and available for sale [9]. - New products for the U.S. market, including a 4mm hysteroscope, have entered mass production, with further collaborations on next-generation systems with U.S. clients [9].