医药 公 2024年05月07日 司 报 鱼跃医疗(002223.SZ) 告 业绩增长符合预期，逐步进入稳健增长阶段 强烈推荐 ( 维持 ) 事项： 公司发布2023年报和2024年一季报，2023年公司实现营业收入79.72亿元， 股价:38.24元 同比+12.25%，实现归母净利润23.96亿元，同比+50.21%；2024年一季度公 公 主要数据 司实现营业收入22.31亿元，同比-17.44%，实现归母净利润6.59亿元，同 行业 医药 司 比-7.58%。 ...

证券代码：002223 证券简称：鱼跃医疗 公告编号：2024-014 江苏鱼跃医疗设备股份有限公司 关于举行 2023 年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 江苏鱼跃医疗设备股份有限公司（以下简称"公司"）已于 2024 年 4 月 27 日发布《2023 年年度报告》全文及摘要，为广大投资者能进一步了解公司经营 情况，公司定于 2024 年 5 月 10 日（星期五）下午 15:00-17:00 在全景网举办 2023 年度业绩说明会，本次年度业绩说明会将采用网络远程的方式举行，投资者可登 录全景网"投资者关系互动平台"（https://ir.p5w.net）参与本次年度业绩说明会。 出席本次年度业绩说明会的人员有：公司董事长/总经理吴群先生、公司副 总经理/首席财务官张勇先生、公司财务负责人刘丽华女士、公司独立董事钟明 霞女士、公司董事/董事会秘书王瑞洁女士。 为充分尊重投资者、提升交流的针对性，现就公司 2023 年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2024 年 5 月 ...

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Views - The company's performance remains stable with continuous optimization of expenses [2] - Core businesses show highlights: - Respiratory therapy business revenue reached 3.37 billion yuan (+50.6%) in 2023, with key products like ventilators, oxygen concentrators, and nebulizers growing at +60%, +30%, and +60% respectively [2] - Diabetes care business revenue reached 730 million yuan (+37.1%) in 2023, with the new 14-day calibration-free CGM product CT3 expected to drive growth in 2024 [2] - Home electronics business revenue reached 1.67 billion yuan (+10.1%) in 2023, with electronic blood pressure monitors growing over 20% [2] - Infection control business revenue declined to 760 million yuan (-36.2%) in 2023 due to high base effects [2] - Emergency care business revenue reached 160 million yuan (+8.0%) in 2023, with the self-developed AED product M600 expanding globally [2] - Rehabilitation and clinical equipment business revenue declined to 1.22 billion yuan (-12.8%) in 2023, but products like wheelchairs and acupuncture needles maintained good growth [2] Financial Performance - 2023 revenue: 7.97 billion yuan (+12.3%), net profit: 2.4 billion yuan (+50.2%) [2] - 2024 Q1 revenue: 2.23 billion yuan (-17.4%), net profit: 660 million yuan (-7.6%) [2] - 2023 gross margin: 51.5% (+3.4pp), net margin: 29.8% (+7.7pp) [2] - Expense ratios in 2023: sales 13.8% (-0.7pp), management 5.2% (-0.8pp), R&D 6.3% (-0.7pp), financial -2.0% (-0.6pp) [2] Strategic Direction - The company adheres to the strategy of "Innovation Reshaping Medical Devices" and focuses on three core sectors: respiratory, POCT, and infection control [3] - The company is also developing incubation businesses (emergency, ophthalmology, rehabilitation) and cornerstone businesses (blood pressure monitoring, temperature monitoring, TCM equipment, surgical instruments) while advancing internationalization [3] Business Projections - Revenue projections for 2024-2026: 9/10.3/11.9 billion yuan [3] - Net profit projections for 2024-2026: 2.3/2.6/3.0 billion yuan [3] - PE ratios for 2024-2026: 16/14/12x [3] Key Assumptions - Respiratory oxygen supply: Expected growth of 20% annually from 2024-2026, with gross margin of 56.5% [8] - Diabetes care: Expected growth of 30% annually from 2024-2026, with gross margin increasing from 63% to 67% [8] - Infection control solutions: Expected growth of 10% annually from 2024-2026, with gross margin of 50% [8] - Home electronic testing and IVD: Expected growth of 5% annually from 2024-2026, with gross margin of 50% [8] - Rehabilitation and clinical equipment: Expected stable growth from 2024-2026, with gross margin increasing from 34% to 35% [8] - Emergency care: Expected growth of 10% annually from 2024-2026, with gross margin of 32% [8] Financial Metrics - 2023 ROE: 19.94%, expected to stabilize around 16% from 2024-2026 [4] - 2023 EPS: 2.39 yuan, expected to grow to 2.98 yuan by 2026 [4] - 2023 PB: 3.12x, expected to decline to 2.02x by 2026 [4] - 2023 dividend yield: 1.63%, expected to range between 1.28%-1.41% from 2024-2026 [12]

Investment Rating - The investment rating for the company is "Recommended" (maintained) [1] Core Views - The report highlights that the company experienced short-term fluctuations due to base effect changes but remains optimistic about growth driven by innovation and international expansion [1] - In 2023, the company achieved a revenue of 79.72 billion yuan, representing a 12.25% increase, and a net profit of 23.96 billion yuan, which is a 50.21% increase [1] - The report indicates that the core business operations are stable, with significant growth in the respiratory treatment segment, which saw a revenue increase of 50.55% [1] Financial Performance Summary - For 2023, the company reported: - Revenue: 79.72 billion yuan (+12.25%) - Net profit: 23.96 billion yuan (+50.21%) - Non-recurring net profit: 18.36 billion yuan (+46.79%) - Operating cash flow: 21.27 billion yuan (-7.72%) [1] - In Q4 2023, the company experienced a revenue decline of 34.08% compared to the previous quarter, with a net profit decrease of 55.36% [1] - For Q1 2024, the company reported a revenue of 22.31 billion yuan (-17.44%) and a net profit of 6.59 billion yuan (-7.58%) [1] Business Segment Performance - The respiratory treatment segment achieved a revenue of 33.71 billion yuan (+50.55%), driven by increased market demand [1] - The diabetes care segment reported a revenue of 7.26 billion yuan (+37.12%), benefiting from ongoing market expansion [1] - The infection control segment saw a revenue decline of 36.15% due to high base effects from the previous year [1] - The home electronic testing and in vitro diagnostics segment generated 16.74 billion yuan (+10.05%) [1] Profitability and Margins - The overall gross margin improved by 3.36 percentage points to 51.49% in 2023, with the respiratory treatment segment's gross margin at 56.12% [1] - The net profit margin increased by 3.64 percentage points to 29.81%, marking a historical high [1] - In Q1 2024, the overall gross margin slightly decreased to 49.94%, but the net profit margin remained high at 29.63% [1] Research and Development - The company invested 5.04 billion yuan in R&D in 2023, accounting for 6.33% of revenue [1] - In Q1 2024, R&D expenses were 1.24 billion yuan, representing 5.58% of revenue [1] - The company has made significant technological advancements in glucose monitoring systems and other products, with ongoing registration efforts in international markets [1] Investment Outlook - The company is positioned as a leader in home medical devices, focusing on respiratory and oxygen therapy, diabetes care, and infection control [1] - Projected net profits for 2024-2026 are estimated at 22.74 billion yuan, 26.29 billion yuan, and 30.23 billion yuan, respectively [2]

Investment Rating - The report maintains a "Buy-A" investment rating with a 6-month target price of 53.00 CNY, compared to the current stock price of 36.65 CNY as of April 26, 2024 [1][7]. Core Insights - The company achieved a revenue of 7.972 billion CNY in 2023, representing a year-on-year growth of 12.25%. The net profit attributable to shareholders was 2.396 billion CNY, up 50.21% year-on-year, with a net profit margin of 29.81%, an increase of 7.66 percentage points [2][3]. - The respiratory treatment solutions segment saw significant growth, with revenues of 3.371 billion CNY, a 50.55% increase year-on-year, driven by strong demand for oxygen machines and nebulizers [3]. - The diabetes care solutions segment also performed well, generating 726 million CNY in revenue, a 37.12% increase year-on-year, supported by product upgrades and market expansion [3]. - The company anticipates revenue growth rates of 5.8%, 18.0%, and 15.5% for 2024, 2025, and 2026, respectively, while net profit growth rates are projected at -11.3%, 19.7%, and 16.7% for the same periods [7][8]. Financial Performance Summary - In Q4 2023, the company reported a revenue of 1.309 billion CNY, a decrease of 34.08% year-on-year, and a net profit of 205 million CNY, down 55.36% year-on-year [2]. - For Q1 2024, the company achieved a revenue of 2.231 billion CNY, a decrease of 17.44% year-on-year, with a net profit of 659 million CNY, down 7.58% year-on-year [2]. - The gross margin for 2023 was 51.49%, an increase of 3.36 percentage points, while the net profit margin was 29.81%, reflecting effective cost management and improved product mix [2][3]. Segment Performance - The infection control solutions segment generated 756 million CNY in revenue, a decrease of 36.15% year-on-year, attributed to high base effects from the previous year [3][5]. - The home electronic testing and in vitro diagnostics segment reported a revenue of 1.673 billion CNY, a 10.05% increase year-on-year, indicating stable growth [3][5]. - The emergency segment saw a revenue of 163 million CNY, up 8.04% year-on-year, with ongoing expansion in sales of the AED product M600 [5].

证券研究报告·公司点评报告·医疗器械 鱼跃医疗（002223） 2023 年报&2024 年一季报点评：业绩符合预 2024年 04月 29日 期，血糖业务逐渐加速 证券分析师 朱国广 买入（维持） 执业证书：S0600520070004 zhugg@dwzq.com.cn [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 股价走势 营业总收入（百万元） 7,102 7,972 8,130 9,340 10,720 同比（%） 3.01 12.25 1.99 14.88 14.77 鱼跃医疗 沪深300 归母净利润（百万元） 1,595 2,396 2,284 2,608 2,844 19% 15% 11% 同比（%） 7.60 50.21 (4.67) 14.16 9.05 7% 3% -1% EPS-最新摊薄（元/股） 1.59 2.39 2.28 2.60 2.84 -5% -9% P/E（现价&最新摊薄） 23.03 15.34 16.09 14.09 12.92 --- 211 173 %%% [ [TT aab bl le e_ _T Sa ug ...

Compa n y U pda te Ch in a Rese ar ch Dep t . 2024年04月29日 鱼跃医疗(002223.SZ) 买进（Buy） 王睿哲 C0062@capital.com.tw 产品结构优化，毛利率提升明显 目标价(元) 43 结论及建议： 公司基本资讯 产业别 医药生物  公司业绩：公司发布2023年及24Q1财报，2023年实现营收79.7亿元， A股价(2024/4/26) 36.65 YOY+12.3%,录得归母净利润24.0亿元,YOY+50.2%,扣非后归母净利润 深证成指(2024/4/26) 9463.91 18.4亿元,YOY+46.8%,公司净利增速符合预期。分季度来看，23Q4单季 股价12个月高/低 38.03/30.56 总发行股数(百万) 1002.48 度实现营收13.1亿元,YOY+7.7%,录得归母净利润2.1亿元，YOY-55.4%, A股数(百万) 938.67 扣非后归母净利润1.7亿元,YOY-43.2%；24Q1营收22.3亿元，YOY-17.4%, A市值(亿元) 344.02 主要股东 江苏鱼跃科技发 录得归母净利润6.6亿 ...

Investment Rating - The investment rating for Yuyue Medical is maintained at "Buy" with a target price of 44.22 CNY, which corresponds to a PE ratio of 22X for 2024 [1][2]. Core Views - The report indicates that Yuyue Medical's performance in 2023 was strong, driven by segments such as respiratory oxygen and blood glucose monitoring, with a revenue increase of 12% year-on-year to 7.972 billion CNY. However, growth is expected to face pressure due to high base effects in 2024, with a projected revenue of 8.572 billion CNY, reflecting a growth rate of 12% [1][2]. Summary by Sections Performance Review - In 2023, Yuyue Medical's revenue reached 7.972 billion CNY, up 12% year-on-year, while the net profit attributable to shareholders was 2.396 billion CNY, representing a 50% increase. The first quarter of 2024 is expected to see a decline in growth rates due to high base effects, with a projected revenue of 8.572 billion CNY [1][2]. Revenue Breakdown - The respiratory oxygen segment generated 3.371 billion CNY in 2023, growing by 51%. The diabetes product line also showed significant growth, with a revenue increase of 37% to 1.64 billion CNY. The home electronics segment achieved a revenue of 1.674 billion CNY, reflecting a 10% growth [1][2]. Financial Forecast - The financial forecast for 2024 estimates a revenue of 8.572 billion CNY, with a net profit of 2.058 billion CNY, indicating a decrease of 14% compared to 2023. The EPS for 2024 is projected at 2.39 CNY, down from 2.05 CNY in 2023 [1][2]. Valuation Metrics - The report highlights that the company's PE ratio is expected to decrease from 15.34 in 2023 to 17.86 in 2024, while the PB ratio is projected to decline from 2.95 to 2.72 over the same period. The dividend yield is expected to remain stable at around 0.8% [1][2].

Investment Rating - The report maintains a "Buy" rating for Yuyue Medical (002223 SZ) [3] Core Views - Yuyue Medical achieved total operating revenue of 7 972 billion yuan in 2023, a year-on-year increase of 12 25%, with net profit attributable to the parent company reaching 2 396 billion yuan, up 50 21% year-on-year [2] - In Q1 2024, the company's operating revenue was 2 231 billion yuan, a year-on-year decrease of 17 44%, and net profit attributable to the parent company was 659 million yuan, down 7 58% year-on-year, which was in line with market expectations [2] - The company's brand influence continues to grow, with the respiratory therapy segment leading market demand, achieving revenue of 3 371 billion yuan in 2023, a year-on-year increase of 50 55% [2] - The diabetes care segment generated revenue of 726 million yuan in 2023, up 37 12% year-on-year, driven by the increasing market share of the 14-day calibration-free CGM product [2] - The company is accelerating the registration and import of core products in overseas markets, strengthening localized operations [2] - Gross margin increased by 3 36 percentage points to 51 49% in 2023, with high-margin products contributing more to revenue [2] - The company plans to focus on three core segments (respiratory therapy, diabetes care, and infection control) and incubate high-potential businesses such as emergency care, ophthalmology, and smart rehabilitation [2] Financial Performance and Forecast - The report raises the forecast for net profit attributable to the parent company to 2 421 billion yuan for 2024 and 2 694 billion yuan for 2025, up 5 99% and 1 90% respectively from previous estimates [3] - A new forecast for 2026 predicts net profit attributable to the parent company of 3 096 billion yuan [3] - The company's EPS is expected to be 2 41 yuan in 2024, 2 69 yuan in 2025, and 3 09 yuan in 2026 [3] - ROE (diluted) is projected to be 18 09% in 2024, 17 65% in 2025, and 17 73% in 2026 [3] - The P/E ratio is expected to be 15x in 2024, 14x in 2025, and 12x in 2026 [3] Market Data and Valuation - The company's total market capitalization is 36 741 billion yuan, with a total share capital of 1 002 billion shares [5] - The stock's 1-year low/high prices are 29 57 yuan and 38 03 yuan, respectively [5] - The 3-month turnover rate is 50 36% [5] - The stock's relative performance over the past year is 31 27%, with an absolute return of 21 14% [6] Business Strategy and Outlook - The company will continue to focus on its three core segments and expand into high-potential areas such as emergency care, ophthalmology, and smart rehabilitation [2] - It will strengthen its offline terminal market presence and adopt regional and urban market strategies [2] - The company plans to accelerate overseas market expansion and seek partnerships with high-level third parties to build innovation centers [2]

Investment Rating - The report maintains a "Buy" rating for Yuyue Medical (002223 SZ) with a target price of 40 98 RMB per share [3] Core Views - Yuyue Medical achieved its 2023 performance targets with steady growth across major business segments The company reported revenue of 7 972 billion RMB (YoY +12 25%) and net profit attributable to shareholders of 2 396 billion RMB (YoY +50 21%) [1] - The company's gross margin improved to 51 49% (YoY +3 36pp) due to cost reduction and efficiency improvements [1] - Key business segments showed strong growth: respiratory therapy (YoY +50 55%), diabetes care (YoY +37 12%), home electronic testing and in vitro diagnostics (YoY +10 05%), and emergency care (YoY +8 04%) [1] - For 2024, the company plans to focus on expanding its core businesses (respiratory therapy, diabetes care, infection control) and incubating high-potential areas (emergency care, ophthalmology, intelligent rehabilitation) [1] Financial Performance - In 2023, the company's sales expense ratio decreased to 13 78% (YoY -0 74pp), management expense ratio to 5 16% (YoY -0 76pp), and R&D expense ratio to 6 33% (YoY -0 66pp) [1] - For 2024 Q1, the company reported revenue of 2 231 billion RMB (YoY -17 44%) and net profit attributable to shareholders of 659 million RMB (YoY -7 58%) [1] Financial Projections - Revenue is projected to grow to 9 404 billion RMB in 2024 (YoY +18 0%), 11 069 billion RMB in 2025 (YoY +17 7%), and 13 197 billion RMB in 2026 (YoY +19 2%) [2] - Net profit attributable to shareholders is expected to reach 2 567 billion RMB in 2024 (YoY +7 2%), 2 787 billion RMB in 2025 (YoY +8 6%), and 3 080 billion RMB in 2026 (YoY +10 5%) [2] - EPS is forecasted to be 2 56 RMB/share in 2024, 2 78 RMB/share in 2025, and 3 07 RMB/share in 2026 [2] Valuation Metrics - The company's 2024 PE ratio is estimated at 14 31x, with a target PE of 16x [1][2] - ROE is projected to be 17 9% in 2024, 16 2% in 2025, and 15 2% in 2026 [2] - EV/EBITDA is expected to decrease from 13 32x in 2024 to 7 30x in 2026 [2]