证券研究报告：医药生物 | 公司点评报告 发布时间：2025-05-21 股票投资评级 买入|首次覆盖 个股表现 -24% -20% -16% -12% -8% -4% 0% 4% 8% 12% 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 可孚医疗 医药生物 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 32.97 | | --- | --- | | 总股本/流通股本（亿股）2.09 / 1.94 | | | 总市值/流通市值（亿元）69 / 64 | | | 52 周内最高/最低价 | 43.40 / 28.90 | | 资产负债率(%) | 25.2% | | 市盈率 | 21.55 | | 第一大股东 | 长沙械字号医疗投资有 | | 限公司 | | 研究所 分析师:蔡明子 SAC 登记编号:S1340523110001 Email:caimingzi@cnpsec.com 研究助理:陈峻 SAC 登记编号:S1340123110013 Email:chenjun@cnpsec.com 可孚医疗(301087) 康复辅具类产品 ...

Core Insights - The company Kefu Medical (301087) has disclosed in its investor relations activity record that its respiratory machines have demonstrated excellent performance in respiratory synchronization and quiet operation, receiving high recognition from consumers since their launch [1] - The sales of the products are rapidly increasing, indicating strong market demand [1] - This year, the company plans to launch a new generation of respiratory machines with superior performance, aiming to provide users with smarter and safer respiratory health management solutions [1]

证券代码：301087 证券简称：可孚医疗 可孚医疗科技股份有限公司 投资者关系活动记录表 编号：2025-004 2025 年，健耳听力将围绕"经营质量提升"核心目标，通过加强成本管控、 费用精细化管理和亏损门店专项治理等措施，逐步改善门店盈利能力。 4、公司今年 618 大促方案有什么变化？国补对销售是否有促进作用？ 答：今年"618"年中大促已于 5 月 13 日开启，公司将根据宏观经济、行 业消费趋势以及品牌自身发展阶段等因素，多维度多渠道进行品牌和产品投放， 公司整体策略是希望实现高质量、可持续发展。国补政策对符合条件的产品销 售有明显促进作用，公司将持续关注并积极把握政策机遇，推动业务高质量发 展。 5、公司未来分红政策是怎样的？ 答：公司一贯重视股东回报，与全体股东分享公司经营成果，在统筹考虑 公司战略发展目标及流动资金需求，保证公司健康、可持续发展的前提下，公 司坚持以稳定的分红政策、积极的分配方案来回报广大投资者的信任和支持。 6、请问贵公司本期财务报告中，盈利表现如何？ | 投资者关系活动类 | ☑特定对象调研 □分析师会议 | | --- | --- | | 别 | □媒体采访 ☑业绩说 ...

截至2025年一季报，共有17家机构持仓可孚医疗，其中基金10家、其他5家、社保2家，合计持股数 2740.22万股，持股市值9.38亿元。 5月16日，可孚医疗今日收盘33.1元，下跌1.02%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到22.92倍，总市值69.21亿元。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均49.40倍，行业中值36.13倍，可孚医疗排 名第50位。 最新一期业绩显示，2025年一季报，公司实现营业收入7.38亿元，同比-8.59%；净利润9142.51万元，同 比-9.68%，销售毛利率52.17%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)50可孚医疗22.9222.201.4169.21亿行业平均 49.4047.654.59105.39亿行业中值36.1337.772.5147.81亿1天益医疗-1745.30-2989.501.8622.24亿2澳华内 镜-606.96304.424.8663.97亿3诺唯赞-410.37-485.362.2587.82亿4爱朋医疗-356.24270.634.2929.23亿5博晖 创新-32 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's core products are experiencing steady growth, while short-term profits are under pressure due to the performance of the hearing aid segment [5][7] - The company is expected to focus on core products and self-manufactured items, with a rich product pipeline that is likely to enhance profitability in the future [7] Financial Performance Summary - For 2023, the company reported revenue of 2,854 million RMB, with a year-on-year decline of 4.14%. The net profit attributable to the parent company was 254 million RMB, down 15.71% year-on-year [6] - Revenue is projected to grow to 3,495 million RMB in 2025, representing a year-on-year increase of 17.15%. The net profit is expected to reach 376 million RMB, with a growth rate of 20.45% [6][8] - The gross margin for 2024 is reported at 51.9%, an increase of 8.6 percentage points year-on-year, with significant improvements in the rehabilitation aids segment [7] Business Segment Performance - The rehabilitation aids segment achieved revenue of 1.1 billion RMB, up 42.8% year-on-year. The traditional Chinese medicine therapy and other segments generated 180 million RMB, up 20.5% year-on-year [7] - The hearing aid segment reported revenue of 270 million RMB, a year-on-year increase of 37.9%, but also faced a net loss of 43.25 million RMB due to a challenging consumer environment and new store performance [7] Profitability and Valuation - The company is expected to see net profits of 3.8 billion RMB, 4.5 billion RMB, and 5.4 billion RMB from 2025 to 2027, with growth rates of 20.4%, 20.2%, and 20.6% respectively [7] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 19X, 16X, and 13X respectively [7]

证券代码：301087 证券简称：可孚医疗 公告编号：2025-035 可孚医疗科技股份有限公司 关于控股股东部分股份解除质押及质押的公告 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。 可孚医疗科技股份有限公司（以下简称"公司"）近日接到公司控股股东长 沙械字号医疗投资有限公司（以下简称"械字号投资"）通知，获悉其所持有的 本公司部分股份办理了解除质押及质押业务，具体情况如下： 一、股东股份解除质押及质押的基本情况 1、本次股份解除质押基本情况 | 股东 | 是否为控股 股东或第一 | 本次质押 | 占其所 | 占公 司总 | 是否为 | 是否为 | 质押 | 质押 | | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 数量 | 持股份 | | | 补充质 | | | 质权人 | | | 名称 | 大股东及其 | （万股） | 比例 | 股本 | 限售股 | 押 | 起始日 | 到期日 | | 用途 | | | 一致行动人 | | | 比例 | | ...

为充分尊重投资者、提升交流的针对性，现就公司本次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。投资者可提前登录"互动易" 平台（http://irm.cninfo.com.cn）"云访谈"栏目，进入问题征集专题页面进行提 问。公司将在本次业绩说明会上对投资者普遍关注的问题进行回答。 欢迎广大投资者积极参与。 可孚医疗科技股份有限公司 关于举行2024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。 可孚医疗科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 29 日在 巨潮资讯网（http://www.cninfo.com.cn）披露 2024 年年度报告全文及其摘要。 为便于广大投资者进一步了解公司 2024 年度经营情况，公司定于 2025 年 5 月 16 日（星期五）15:00-17:00 举办 2024 年度网上业绩说明会，本次年度业绩 说明会将采用网络远程的方式举行，投资者可登录深圳证券交易所"互动易"平 台（http://irm.cninfo.com.cn）进入"云访谈"栏目参与本次年度业绩 ...

相关研究 [Table_OtherReport] 销售毛利率逐季提升，长期成长可期 核心品类同比增 30%+, 盈利能力提升 可期 五大产品线均衡发展, 听力保健成长 可期 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 聚焦核心品类，结构调整提升盈利能力 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 可孚医疗(301087) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | | 执业编号：S1500523080002 | | | --- | --- | | [Table_Author] 唐爱金 邮 | 医药行业首席分析师 箱：tangaijin@cindasc.com | 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com [Table_ReportDate] 2025 年 05 月 05 日 [Table_S 事件：公 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company focuses on core product categories, leading to significant growth in revenue and profitability. In 2024, the company achieved a revenue of 2.983 billion yuan, a year-on-year increase of 4.53%, with a net profit of 312 million yuan, reflecting a year-on-year growth of 22.60% [2][3] - The company has seen a balanced development across five major product lines, with the rehabilitation aids category being a major growth driver, achieving a revenue of 1.104 billion yuan, up 42.77% year-on-year [2] - The company is enhancing its mid-to-high-end product matrix and multi-channel layout, which is expected to open new growth opportunities. In 2024, online business revenue reached 1.990 billion yuan, an increase of 8.94% year-on-year [2] Financial Performance Summary - In 2024, the company reported a gross profit margin of 51.86%, an increase of 8.58 percentage points year-on-year, and a net profit margin of 10.47%, up 1.61 percentage points year-on-year [2] - The company forecasts revenues of 3.538 billion yuan, 4.148 billion yuan, and 4.846 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 18.6%, 17.2%, and 16.8% [3][4] - The projected net profit for 2025, 2026, and 2027 is 398 million yuan, 485 million yuan, and 584 million yuan, representing year-on-year growth rates of 27.7%, 21.8%, and 20.3% respectively [3][4]

| [Table_BaseData] 收盘价（元） | 33.50 | | --- | --- | | 近 12 个月最高/最低（元） | 47.50/28.10 | | 总股本（百万股） | 209 | | 流通股本（百万股） | 194 | | 流通股比例（%） | 92.90 | | 总市值（亿元） | 70 | | 流通市值（亿元） | 65 | [公司价格与沪深 Table_Chart] 300 走势比较 可孚医疗（ [Table_StockNameRptType] 301087） 公司点评 产品丰富+渠道多元，收入增长持续稳健 | 投资评级：买入（维持） [Table_Rank] | | --- | | 报告日期： 2025-05-04 | -31% -16% -2% 13% 28% 5/24 8/24 11/24 2/25 可孚医疗 沪深300 [Table_Author] 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：李婵 执业证书号：S0010523120002 邮箱：lichan@hazq.com [Table_CompanyRepo ...