Financial Performance - The company's revenue for Q1 2025 was ¥295,757,022.22, representing a 5.05% increase compared to ¥281,550,999.26 in the same period last year[4] - Net profit attributable to shareholders decreased by 10.62% to ¥51,874,993.62 from ¥58,039,870.20 year-on-year[4] - Basic and diluted earnings per share both decreased by 7.14% to ¥0.13 from ¥0.14 year-on-year[4] - Total operating revenue for the current period reached ¥295,757,022.22, an increase of 5.4% compared to ¥281,550,999.26 in the previous period[20] - Net profit for the current period was ¥51,874,993.62, a decrease of 10.0% from ¥58,039,870.20 in the previous period[21] - Basic earnings per share for the current period was ¥0.13, down from ¥0.14 in the previous period[22] Cash Flow - The net cash flow from operating activities plummeted by 97.98% to ¥1,509,899.67, down from ¥74,921,798.44 in the previous year[4] - Cash inflow from operating activities totaled $417,923,048.16, an increase from $299,924,478.89 in the previous period, representing a growth of approximately 39.4%[24] - Cash outflow from operating activities was $416,413,148.49, up from $225,002,680.45, indicating a rise of about 85.1%[25] - Net cash flow from operating activities decreased to $1,509,899.67 from $74,921,798.44, reflecting a decline of approximately 98%[25] - Cash inflow from investment activities amounted to $620,943,757.30, compared to $379,495,840.28 in the prior period, marking an increase of about 63.7%[25] - Net cash flow from investment activities was -$112,938,114.65, an improvement from -$332,218,844.82, indicating a reduction in cash outflow by approximately 66%[25] - Cash inflow from financing activities was $8,500,000.00, with no previous inflow reported[25] - Net cash flow from financing activities was -$4,812,312.16, worsening from -$1,875,130.18 in the previous period[25] - The ending balance of cash and cash equivalents was $703,604,951.22, a decrease from $935,304,050.79[25] Assets and Liabilities - Total assets increased by 2.15% to ¥4,005,917,773.80 compared to ¥3,921,612,493.46 at the end of the previous year[4] - Total liabilities increased to ¥484,038,229.01, compared to ¥441,955,306.48 in the previous period, marking a rise of 9.3%[18] - The company's total equity reached ¥3,521,879,544.79, an increase from ¥3,479,657,186.98 in the previous period, reflecting a growth of 1.2%[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 9,334, with the largest shareholder holding 45.74% of the shares[11] - The company has completed a share repurchase plan, acquiring 2,368,840 shares, which represents 0.5825% of the total share capital, with a total expenditure of RMB 61,568,589.91[14] - The highest transaction price during the share repurchase was RMB 29.72 per share, while the lowest was RMB 22.80 per share[14] - The company plans to use between RMB 50 million and RMB 100 million for share repurchase to support employee stock ownership plans[14] Expenses and Investments - Research and development expenses rose by 43.84% to ¥32,674,593.72 from ¥22,716,655.12 in the previous year, indicating a focus on innovation[10] - Total operating costs increased to ¥246,494,069.60, up 13.6% from ¥216,931,034.93 in the previous period[20] - Investment income surged by 195.63% to ¥1,560,436.03, up from ¥527,840.49, reflecting improved financial management[10] - The company experienced a 312.33% increase in taxes and surcharges, amounting to ¥3,928,808.21, due to increased tax liabilities[10] Strategic Initiatives - The company has initiated a "Quality Return Dual Improvement" action plan aimed at enhancing investor confidence and promoting sustainable development[13] - The company is focused on maintaining the interests of all shareholders, particularly small and medium-sized investors, as part of its strategic initiatives[13] - The company is focusing on market expansion and new product development as part of its strategic initiatives moving forward[23] Other Financial Metrics - The company reported a total cash balance of RMB 1,220,372,277.91 as of March 31, 2025, down from RMB 1,252,273,385.93 at the beginning of the period, reflecting a decrease of approximately 2.54%[16] - The company's accounts receivable decreased to RMB 264,339,226.05 from RMB 344,626,321.14, indicating a decline of about 23.3%[16] - The company’s trading financial assets decreased to RMB 481,450,753.59 from RMB 491,733,204.65, a reduction of approximately 2.5%[16] - Other receivables increased significantly to RMB 102,460,141.31 from RMB 5,295,014.62, marking a substantial rise of over 1,837%[16] - The company’s prepayments decreased to RMB 10,611,293.21 from RMB 12,667,577.34, reflecting a decline of about 16.2%[16] Audit Status - The first quarter report for 2025 was not audited[27]

美好医疗（301363）公告，2025年第一季度营业收入2.96亿元，同比增长5.05%。净利润5187.5万元， 同比下降10.62%。 ...

截至2025年4月18日收盘，美好医疗(301363)报收于26.33元，上涨3.25%，换手率3.76%，成交量4.22万 手，成交额1.11亿元。 当日关注点 交易信息汇总 4月18日美好医疗的资金流向情况如下：主力资金净流入698.3万元，占总成交额6.27%；游资资金净流 入422.54万元，占总成交额3.79%；散户资金净流出1120.83万元，占总成交额10.06%。 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构 成投资建议。 股本股东变化 交易信息汇总：4月18日主力资金净流入698.3万元，占总成交额6.27%。 股本股东变化：截至2025年4月10日公司股东户数为9117户，较3月31日减少217户，减幅为 2.32%。 业绩披露要点：美好医疗2024年年报显示，公司主营收入15.94亿元，同比上升19.19%；归母净利 润3.64亿元，同比上升16.11%。 美好医疗近日披露了最新的股东户数变动情况，截至2025年4月10日，公司股东户数为9117户，较3月31 日减少了217户，减幅为2.32%。与此同时，户均持股数量由上 ...

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 ...