澳华内镜：AQ-300快速放量，海外拓展可期

Investment Rating - The report maintains a "Buy" rating for the company [21][22]. Core Insights - The company has opened a second growth curve in overseas markets, with products entering developed markets such as Germany, the UK, and South Korea. The marketing strategy in Asia is aggressive, while in Europe, the company is expanding brand influence and promoting mid-to-low-end models [3][4]. - The recent stock incentive plan reflects management's confidence, with performance targets set for 2024-2026, aiming for revenues of no less than 0.99 billion, 1.4 billion, and 2 billion, and net profits of no less than 0.12 billion, 0.18 billion, and 0.27 billion respectively [4][19]. - The company reported a revenue growth of over 50% in 2023, driven by the rapid market penetration of the new AQ-300 product. By the end of 2023, the number of installations in tertiary hospitals reached 73, with 96 main units and 316 endoscopes installed [19][18]. - The company is deepening its R&D investments, with 26% of Q1 2024 revenue allocated to R&D, enhancing product quality and gaining clinical recognition across various medical departments [20][19]. Financial Summary - In 2023, the company achieved a revenue of 678 million, a year-on-year increase of 52.29%, and a net profit of approximately 58 million, up 167.04%. The first quarter of 2024 saw revenues of 169 million, a 34.91% increase year-on-year, with a net profit of 2.76 million, down 83.32% [18][19]. - The projected net profits for 2024-2026 are estimated at 1.23 billion, 1.82 billion, and 2.69 billion respectively, with corresponding PE ratios of 54, 37, and 25 times [21][22].