呼吸机业务良好，血糖管理快速拓展 ——美好医疗 2024 年报点评 核心观点 盈利预测与投资建议 ⚫ 根据公司 2024 年报，我们下调收入预测，上调毛利率预测，我们预测公司 2024- 2026 年 EPS 分别为 1.09、1.37、1.68 元（原预测 25-26 年 EPS 为 1.23、1.51 元），由于公司家用呼吸机业务增势良好，同时公司产品管线持续丰富，新业务、 新客户不断开发，长期空间广阔。根据可比公司 2025 年平均估值，给予公司 2025 年 31 倍市盈率，对应目标价为 33.79 元，维持"买入"评级。 风险提示 大客户依赖风险；下游库存积压风险；新业务拓展不及预期风险；汇率波动风险 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1,338 | 1,594 | 1,937 | 2,355 | 2,878 | | 同比增长 (%) | -5.5% | 19.2% | 21.5% | 21.6% | 22.2% | | 营业 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 19 年 月 日 美好医疗（301363.SZ） 主业稳健增长，新发激励助力新业务拓展 美好医疗发布 2024 年年度报告。2024 年实现营业收入 15.94 亿元，同 比增长 19.19%；归母净利润 3.64 亿元，同比增长 16.11%；扣非后归母 净利润 3.50 亿元，同比增长 20.37%。分季度看，2024Q4 实现营业收入 4.38 亿元，同比增长 48.71%；归母净利润 1.06 亿元，同比增长 700.71%； 扣非后归母净利润 1.03 亿元，同比增长 725.79%。 观点：下游客户去库存影响结束，家用呼吸机组件表现亮眼，其他主要业 务亦实现收入和毛利率的双重增长。多元布局步入收获期，胰岛素笔实现 规模化量产，"美好笔"完成核心研发工作，CGM 组件进入交付准备期。 海内外市场均实现较快增长，产能持续释放提升全球服务能力。 下游客户去库存影响结束，家用呼吸机组件引领增长。随着家用呼吸机组 件下游客户去库存影响基本结束，公司 2024 年整体经营表现稳健，主要 业务均实现了收入和毛利率的双重增长：家用呼吸机组件 ...

Core Insights - The company reported a revenue of 1.59 billion in 2024, representing a year-on-year increase of 19.1%, and a net profit attributable to shareholders of 360 million, up 16.11% year-on-year [1] - The company has ended its inventory reduction phase, with a return to high growth in performance [1] - The company has launched a new stock incentive plan, establishing ambitious revenue and profit targets for 2025-2027, reflecting strong confidence in long-term growth despite tariff challenges [1] Business Performance - In 2024, revenue from respiratory components reached 1.09 billion, up 26% year-on-year, while home consumer electronics generated 170 million, an 11% increase [1] - The company’s Q4 2024 revenue was 438 million, a significant year-on-year increase of 48.7%, with net profit soaring by 701% to 105 million [1] - The gross margin for the respiratory components business has continued to improve compared to 2023, indicating a stable upward trend in the main business [1] Growth Initiatives - The company is advancing its second growth curve with insulin injection pens and continuous glucose monitoring (CGM) systems, which are expected to significantly expand growth potential [2] - The insulin injection pen project has achieved large-scale production in 2024, and the company has completed core R&D for various types of injection pens [2] - The CGM component products are in the delivery preparation stage, targeting a global market worth 30 billion [2] Capacity Expansion - The company’s third-phase industrial base in Malaysia is expected to be operational by the end of 2025, ensuring sufficient production capacity [3] Profit Forecast - The company has adjusted its profit forecasts, expecting revenues of 2.09 billion, 2.61 billion, and 3.27 billion for 2025-2027, with respective year-on-year growth rates of 31%, 25%, and 25% [3] - Net profits are projected to be 490 million, 610 million, and 760 million for the same period, with growth rates of 35%, 25%, and 25% [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown strong revenue growth driven by multiple product lines, with a strategic focus on expanding its overseas presence [4] - The recovery of the respiratory therapy business and the introduction of new products such as blood glucose management devices are expected to contribute positively to future performance [5][6] - The company is actively pursuing long-term growth strategies in high-potential markets, including blood glucose management and cardiovascular devices [6] Financial Performance Summary - In 2024, the company achieved a revenue of 1.594 billion yuan, representing a year-on-year growth of 19.19% [5] - The net profit attributable to the parent company for 2024 was 364 million yuan, up 16.11% year-on-year [5] - The company reported a significant increase in quarterly performance, with Q4 2024 revenue reaching 438 million yuan, a year-on-year increase of 48.71% [6] Business Segment Analysis - The home respiratory machine components business generated 1.089 billion yuan in revenue, a growth of 25.58% year-on-year [6] - New product lines, including blood glucose management devices, are entering the market, with the company having launched insulin pens and CGM components [6] - The company is expanding its production capacity overseas, with new facilities in Malaysia expected to enhance global delivery capabilities [6] Profitability and Valuation Metrics - The company's gross margin for 2024 was 42.08%, with a net profit margin of 22.82% [6] - Earnings per share (EPS) are projected to grow from 0.89 yuan in 2025 to 1.87 yuan by 2027 [4] - The company is expected to maintain a high growth trajectory, with revenue forecasts of 2.036 billion yuan in 2025 and 3.199 billion yuan in 2027 [6] Strategic Initiatives - The company has implemented a stock incentive plan aimed at aligning the interests of shareholders and employees, with targets for revenue and profit growth set for 2025-2027 [6] - The focus on high-barrier technology markets is expected to create additional value growth opportunities [6]

证券研究报告 医药生物 | 医疗器械 非金融|公司点评报告 hyzqdatemark 2025 年 04 月 18 日 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 林海霖 SAC：S1350524050002 linhailin@huayuanstock.com 市场表现： | 基本数据 | | | | 年 | 04 | 月 17 日 | | | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 25.50 | | | | 一 年 内 低 | 最 | 高 | / | | | | 最 | | 41.29/22.21 | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | | | 10,369.83 | | | | 流通市值（百万元） | | | | | | | | 2,860.06 | | | | 总股本（百万股） | | | | | | | ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 1.594 billion in 2024, representing a year-on-year growth of 19.19%, with a net profit of 364 million, up 16.11% year-on-year [2][4] - The company is expanding its overseas production capacity, which highlights its supply chain advantages, with 87% of revenue coming from international markets [2] - The company is investing in new product development, with a focus on blood glucose management and cardiovascular technologies, which is expected to provide new growth drivers [2] - A new stock incentive plan has been introduced, reflecting the company's confidence in long-term growth [2] Financial Summary - In 2024, the company reported total revenue of 1.594 billion, with a net profit of 364 million, and a significant increase in cash flow from operating activities by 27.80% year-on-year [2][3] - The company forecasts revenue growth of 30.1%, 25.3%, and 23.1% for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 479 million, 601 million, and 741 million [4] - The gross margin is projected to remain stable around 42% over the next few years, with a return on equity (ROE) increasing from 10.5% in 2024 to 14.5% by 2027 [3][4]

证券研究报告 公司研究 | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 下游去库影响消退，多项新业务助力 成长 下游去库进入尾声，24Q2 营收恢复增 长 夯实两大基石业务，加速新客户拓展， 平台扩张能力凸显 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] 新业务潜力可期，股权加码彰显成长信心 [Table_ReportDate] 2025 年 04 月 18 日 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 美好医疗(301363) [Table_S 事件：ummar 公司发布y] 2024 年 ...

养老金视角，本期较上一季度持股减少的养老金基金共计1个，即基本养老保险基金一二零三组合，持 股减少占比小幅下跌。 2025年4月18日，美好医疗(301363.SZ)发布2024年年度报告。截至2025年4月17日，共有235个机构投资 者披露持有美好医疗A股股份，合计持股量达1.78亿股，占美好医疗总股本的43.85%。其中，前十大机 构投资者包括深圳市美泰联实业有限公司、深圳市美创联合投资合伙企业(有限合伙)、深圳市美创银泰 实业合伙企业(有限合伙)、深圳市美创金达投资合伙企业(有限合伙)、宁波市公诚勇毅创业投资合伙企 业(有限合伙)、中国工商银行股份有限公司-中欧医疗健康混合型证券投资基金、橡栎股权投资管理(广 州)有限公司-橡栎莲葳(广州)创业投资合伙企业(有限合伙)、中国银行股份有限公司-华宝中证医疗交易 型开放式指数证券投资基金、深圳前海鑫天瑜资本管理有限公司-深圳丰泰永华创业投资合伙企业(有限 合伙)、香港中央结算有限公司，前十大机构投资者合计持股比例达34.47%。相较于上一季度，前十大 机构持股比例合计下跌了2.06个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计6个，主要包括大 ...

Core Insights - Meihao Medical achieved operating revenue of 1.594 billion yuan in 2024, representing a year-on-year growth of 19.19%, and a net profit of 364 million yuan, up 16.11% year-on-year [1] - The company plans to distribute 1 yuan per 10 shares to all shareholders and to increase capital by converting 4 shares for every 10 shares held [1] Company Performance - Meihao Medical is a leading player in the global home respiratory machine and cochlear implant CDMO market [1] - Revenue from home respiratory machine components grew by 25.58% year-on-year, while revenue from cochlear implant components increased by 18.74% [1] - Revenue from other medical product components rose by 21.08% year-on-year [1] Business Diversification - In 2024, the company expanded its business into blood glucose management, cardiovascular, and in vitro diagnostics [1] - The insulin injection pen project has entered large-scale production, with core R&D for the "Meihao Pen" nearly completed, and CGM component products are in the delivery preparation phase [1] - Multiple cross-departmental teams have been established in the cardiovascular field, achieving breakthroughs in various product technology directions [1] - The company has accumulated several R&D achievements in the in vitro diagnostics field, with multiple client products undergoing small batch delivery verification [1] R&D Investment - R&D expenses reached approximately 141 million yuan, an increase of 16.75% year-on-year, accounting for 8.82% of operating revenue [1] Market Outlook - The global medical device industry is experiencing steady growth, with a market size of approximately 640.5 billion USD in 2024, expected to grow at a compound annual growth rate of 6% post-2025, reaching 1,147 billion USD by 2034 [1] Future Goals - Meihao Medical aims to become a leading global medical technology CDMO service provider, focusing on medical technology innovation and creating a customer-centric global organization to provide one-stop services for leading companies in niche medical device markets [1]

在体外诊断领域，美好医疗在微流控芯片、检测类耗材、试剂内包材、仪器精密组件等方面已积累了多 个研发成果，并实现多个客户产品的小批量交付验证。 2024年度美好医疗其他医疗产品组件收入同比增长21.08%。研发方面，2024年美好医疗投入研发费用 近1.41亿元，同比增加16.75%，占公司营业收入的8.82%。 海外市场上，美好医疗正在加紧建设马来三期产业基地，建筑面积约10.8万平方米，预期在2025年年底 前投入使用，马来三期产业基地建成后将进一步提升公司在中国境外的交付能力，为公司未来海外业务 的拓展和增长提供强有力的支撑。公司深圳龙岗的总部基地新产业（300832）园预期也在2025年三季度 投入使用。 全球医疗器械行业持续保持稳健的增长态势。据Precedence Research的最新报告，2024年全球医疗器械 市场规模约6405亿美元，预计2025年之后将以6%的复合增长率保持增长，至2034年全球医疗器械产业 规模将达到11470亿美元。 美好医疗（301363）4月17日披露2024年年报，去年公司实现营业收入15.94亿元，同比增长19.19%；净 利润3.64亿元，同比增长16.11% ...