MTM(688029) 国金证券·2024-02-22 16:00Investment Rating - The report maintains a "Buy" rating for the company [6][11]. Core Insights - The company has achieved significant profit growth, with a projected net profit of 487 million yuan for 2023, representing a 47% year-on-year increase. Revenue is expected to reach 2.416 billion yuan, up 22% year-on-year [18]. - The company is transitioning from a focus on scale to efficiency, aiming for quality growth through cost reduction and efficiency improvements. This strategy has led to a notable increase in profit margins [8]. - The company is expanding its visualization product line both domestically and internationally, which is expected to contribute to a second growth curve in the long term [8]. Financial Performance Summary - For 2023, the company expects to achieve a revenue of 2.416 billion yuan, with a year-on-year growth rate of 22% [21]. - The projected net profit for 2023 is 487 million yuan, with a growth rate of 47% compared to the previous year [21]. - Earnings per share (EPS) for 2023 is estimated at 2.593 yuan, with a projected increase to 3.346 yuan in 2024 and 4.402 yuan in 2025 [21]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 27 times in 2023 to 16 times in 2025, indicating potential for valuation improvement [8][21]. Market Position and Growth Potential - The company is experiencing a recovery in demand for endoscopic procedures, with significant growth in the procurement of consumables for digestive endoscopy [18]. - The overseas sales of the company's own brand have seen rapid growth, supported by an expanding global distribution network [18]. - The visualization product line, which includes various types of disposable endoscopes, has received regulatory approvals in multiple regions, enhancing its market potential [8].