Angus is a high-growth enterprise with the advantage of endoscopic diagnosis and treatment consumables, which is driven by double engines at home and abroad. Specializing in digestive endoscopic consumables, the product line covers hemostatic closure, EMR/ESD, biopsy, ERCP and diagnosis and treatment equipment. 2013-2022 revenue CAGR as high as 48%, the momentum of development is strong. Starting from overseas and marching at home, we will go hand in hand at home and abroad at this stage. In China, the marketing network basically covers the country's key cities, with an income of 52% CAGR from 2017 to 2022, with a gratifying growth rate. Overseas, the products have been certified by FDA and CE and sold to more than 40 countries and regions. Endoscopic diagnosis and treatment demand recovery superimposed by the continuous expansion of the market and the acceleration of domestic substitution, the company's performance is expected to continue the high growth trend.
Digestive tract cancer "three early" drive endoscopic diagnosis and treatment equipment industry expansion, Angus global market share is expected to continue to increase. The main results are as follows: 1) Endoscopy is the gold standard for early screening and early diagnosis of digestive tract cancer, and endoscopic consumables are necessary instruments to realize "three mornings". 2) the aging population superimposed "three early" popularization drives the continuous expansion of the market. The global market for endoscopic diagnosis and treatment equipment reached US $6 billion in 2023, and the CAGR was 7% in 2024-2026. The growth rate of the Chinese market is faster than that of the world, with an CAGR of 11% in 2019-2025, and the market size is expected to be close to 7 billion yuan in 2025. 3) the overseas three giants monopolize the market of endoscopic consumables, and domestic enterprises rely on the technology gap to narrow the technology gap and accelerate the break of the situation with high performance-to-price ratio. In China, the market share of the company's hemostatic clip and trap in 2022 is 15.74% and 5.43% respectively; globally, the company's global market share in 2018 and 2022 is 0.3% and 0.9%, respectively. Angus has made some breakthroughs both at home and abroad.
Excellent innovation and transformation technology + product matrix to enrich the core competitiveness. 1) Technology leadership + efficient transformation continues to thicken the company's performance. Adhering to the "three trees" R & D system, the company continues to promote the industrialization of scientific and technological achievements. Core technologies such as detachable technology, meshing biopsy technology, rotatable manipulation technology and dished balloon molding are applied to core products such as hemostatic clamps, biopsy forceps, high-frequency incision and balloon stone catheters to accurately solve clinical pain points, and the core technology accounts for 95% of the revenue.
2) the product matrix is fully covered, and the market share of core products continues to increase. The products involve 5 categories, 24 series and more than 300 specifications and models, which have basically achieved full coverage of endoscopic minimally invasive diagnosis and treatment products.
In-research project filling + fund-raising project grant can drive long-term development. 1) the pyramid product echelon has become: the core product hemostatic clip 5 generations has created a robust basic disk; the world's first bipolar technology, "safety + economy" is expected to drive long-term growth; science and technology frontier "single optical fiber imaging system + endoscope-assisted robot system" is ready for growth. 2) the fund-raising project strengthens the comprehensive strength of "production + marketing + R & D" and has sufficient growth motivation in the long run.
Profit forecast and investment rating: we expect the company's revenue from 2023 to 2025 to be 5.04,6.86 and 935 million yuan respectively, up 35.77%, 36.08% and 36.41% respectively over the same period last year, and the net profit of returning home is 1.93,2.51 and 324 million yuan respectively, up 33.5%, 29.9% and 28.8% respectively over the same period last year. Cover for the first time, giving a "buy" rating.
Risk tips: industry policy changes; trade frictions and exchange rate fluctuations; R & D progress is not as expected.