Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative price increase of over 20% within the next six months [80]. Core Insights - The company is a leading domestic manufacturer of home respiratory devices, with a global market presence that opens up significant growth potential [1][12]. - The company has a unique strategic layout, covering both home and medical devices, as well as consumables, which enhances its competitive edge [54]. - The market for home respiratory devices is expected to grow significantly, driven by an aging population and increasing prevalence of respiratory diseases [28][39]. - The company has successfully capitalized on the market disruption caused by Philips' product recalls, leading to a substantial increase in market share [68]. Summary by Sections Company Overview - The company has over 20 years of experience in the respiratory health sector and has established itself as a leader in the domestic market for home non-invasive ventilators [12][1]. - The company has developed a comprehensive product line that includes home non-invasive ventilators, medical respiratory diagnostic products, and consumables, catering to a wide range of patient needs [12][1]. Market Potential - The domestic market for home respiratory devices has a low penetration rate compared to developed countries, indicating significant room for growth [2][39]. - The market for home non-invasive ventilators is projected to grow at a CAGR of 22% from 2021 to 2025, with the global market expected to reach $5.5 billion by 2025 [2][39]. Competitive Landscape - The company has increased its market share from 4.5% in 2020 to 17.7% in 2022, positioning itself as the second-largest player globally following ResMed [42]. - The company has established stable partnerships with overseas distributors, enhancing its global market reach [3][64]. Financial Projections - Revenue growth is expected to be -12% in 2024, followed by 26% in 2025 and 24% in 2026, with net profit growth projected at -20%, 43%, and 27% respectively [5][69]. - The company is expected to benefit from a higher proportion of high-margin consumables in its revenue mix, which currently accounts for 17.4% of total revenue [2][59]. Research and Development - The company has invested significantly in R&D, with a focus on innovation and maintaining a strong patent portfolio, which includes 601 domestic patents and 161 international patents [24][25]. - Continuous product upgrades and the development of new models are expected to enhance the company's competitive position in the market [58][54].

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Viewpoints - The company, Beijing Yihe Jiaye Medical Technology Co., Ltd., is a leading manufacturer in the respiratory health field, focusing on sleep apnea and chronic respiratory diseases, with products certified in multiple countries [5][10] - The global home ventilator market is concentrated, with the company ranking second globally and first domestically in market share after the Philips recall incident [5][50] - The company has a strong emphasis on overseas business development, with nearly 65.31% of its revenue coming from international markets in 2023 [5][63] - The company has maintained a gross margin above 40% over the past five years, with stable net profit margins expected to improve as the proportion of consumables increases [5][39] - Earnings per share (EPS) forecasts for 2024-2026 are 2.56, 3.10, and 3.90 yuan, with corresponding net profit growth rates of -22.8%, 21.0%, and 25.7% [5][66] Summary by Sections 1. Company Overview - Established in 2001, the company is a leading manufacturer in the respiratory health sector, providing comprehensive service solutions for sleep apnea and chronic respiratory diseases [5][10] - The company has a diverse product matrix and has received global recognition for its products, which are sold in over 100 countries [5][10] 2. Market Performance - The global home ventilator market is projected to reach $55.8 billion by 2025, with significant growth driven by increasing awareness of chronic obstructive pulmonary disease (COPD) and obstructive sleep apnea (OSA) [5][46] - The company has successfully captured market share following the Philips recall, with a global market share of 17.7% in home ventilators as of 2022 [5][50] 3. Financial Performance - The company's revenue grew from 142 million yuan in 2017 to 1.122 billion yuan in 2023, with a compound annual growth rate (CAGR) of 46.29% [5][35] - The company’s net profit for 2023 is projected at 297 million yuan, with a forecasted decline in 2024 followed by recovery in subsequent years [5][69] 4. Product Development and Innovation - The company has a robust R&D strategy, with increasing investment in product innovation and development, leading to multiple iterations of its core products [5][57] - The company’s product offerings include home non-invasive ventilators, medical respiratory diagnostic products, and consumables such as ventilation masks [5][54] 5. Strategic Positioning - The company has established a stable shareholding structure and an experienced management team, which supports its strategic initiatives in the respiratory health market [5][13] - The company is well-positioned to benefit from the exit of competitors like Philips from certain markets, allowing it to capture additional market share [5][52]

股 票 研 究 证 券 研 究 报 告 怡和嘉业首次覆盖报告 | --- | --- | --- | |----------|-----------------------------------|--------------------------| | | | | | | [table_Authors] 丁丹 ( 分析师 ) | 张拓 ( 分析师 ) | | | 0755-23976735 | 0755-23976170 | | | dingdan@gtjas.com | zhangtuo024925@gtjas.com | | 登记编号 | S0880514030001 | S0880523090003 | 本报告导读： 公司为睡眠呼吸龙头，通过与 RH 合作、建立云平台等不断增强竞争实力，未来有 望持续扩大市场份额；预计渠道库存去化进入尾声，2024H2 有望迎来业绩拐点。 投资要点： [Table_Summary] 首次覆盖，给予增持评级。公司为家用呼吸机龙头，新稳态下有望 持续提升份额。预计 2024-2026 年 EPS 为 2.54/3.20/3.92 元，采取绝 对估值法和相对估值法，根据谨 ...

证券代码：301367 证券简称：怡和嘉业 编号：2024—012 | --- | --- | |-----------------------|--------------------------------------------------------------------| | | □ 分析师会议 | | 投资者关系活动 | □ 业绩说明会（电话形式） | | 类别 | √ 路演活动 | | | | | | | | 参与单位名称 | | | 时间 | -2024 年 9 月 13 日 | | 地点 | | | 上市公司接待人 员姓名 | 副总经理兼董事会秘书：杜祎程 证券事务代表：刘士岩 | | | 一、公司简要介绍 年成立， 2003 年第一台多导睡眠检测仪上市， 2007 | | | 睡眠呼吸机上市， 2008 年通过 CE 认证， 2012 年 | | | 认证， 2016 年 BMC 新品牌成立，同年呼吸数据管 | | | 11 月 1 日公司在深交所创业板上市成功。 | | | OSA 、 COPD 患者提供全周期（诊断 - 治疗 - 慢病 | | 投资者关系活动 | 管理）、多场景（医疗 ...

证券代码：301367 证券简称：怡和嘉业 北京怡和嘉业医疗科技股份有限公司 投资者关系活动记录表 编号：2024—011 | --- | --- | --- | |----------------|-----------------------------------|----------------------------------------------------------| | | □ 特定对象调研 | □ 分析师会议 | | 投资者关系活动 | □ 媒体采访 □ | 业绩说明会（电话形式） | | 类别 | □ 新闻发布会 | √ 路演活动 | | | □ 现场参观 | | | | □ 其他 | | | 参与单位名称 | 详见附件清单 | | | 时间 | 2024 年 9 月 5 日 -2024 | 年 9 月 6 日 | | 地点 | 深圳、上海、苏州 | | | 上市公司接待人 | 副总经理兼董事会秘书：杜祎程 | | | 员姓名 | 证券事务代表：刘士岩 | | | | 一、公司简要介绍 | | | | 公司 2001 年成立， | 2003 年第一台多导睡眠检测仪上市， 2007 | ...

证券代码：301367 证券简称：怡和嘉业 北京怡和嘉业医疗科技股份有限公司 投资者关系活动记录表 编号：2024—010 | --- | --- | --- | |----------------|------------------------------------|----------------------------------------------------------| | | □ 特定对象调研 | □ 分析师会议 | | 投资者关系活动 | □ 媒体采访 □ | 业绩说明会（电话形式） | | 类别 | □ 新闻发布会 | √ 路演活动 | | | □ 现场参观 | | | | □ 其他 | | | 参与单位名称 | 详见附件清单 | | | 时间 | 2024 年 8 月 29 日 -2024 | 年 8 月 30 日 | | 地点 | 北京、上海 | | | 上市公司接待人 | 副总经理兼董事会秘书：杜祎程 | | | 员姓名 | 证券事务代表：刘士岩 | | | | 一、公司简要介绍 | | | | 公司 2001 年成立， | 2003 年第一台多导睡眠检测仪上市， 2007 | ...

[Table_Summary] [Table_Title] 去库存影响境外业务表现，24H2 有望迎来边际改善 [Table_ReportDate] 怡和嘉业(301367)公司简评报告 | 2024.08.22 [Table_Rank] 评级： 买入 核心观点 [Table_Authors] 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：86-10-81152643 ⚫ 事件：公司发布 2024 年半年报，实现营业收入为 3.82 亿元（-48.79%）， 归属于上市公司股东的净利润为 9238 万元（-62.08%），扣非归母净利 润为 6650 万元（-69.08%）。 ⚫ 去库存影响境外业务表现，耗材业务保持较快增长。分产品来看，2024 年上半年家用呼吸诊疗产品收入为 2.30 亿元（-60.07%），境外收入 2.19 亿元（-56.04%），主要是受到美国市场渠道呼吸机库存影响，我们预计 随着去库存周期临近尾声，美国市场有望逐步企稳。耗材收入 1.36 亿元 （+26.13%），主要是由于公司加大在美国、欧洲市场推广力度；国内市 ...

证券研究报告 非金融公司|公司点评|怡和嘉业（301367） 耗材业务持续增长，期待海外订单恢复 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月21日 证券研究报告 |报告要点 2024 年上半年公司实现收入 3.82 亿元，同比下降 48.79%；归母净利润 0.92 亿元，同比下降 62.08%；扣非归母净利润 0.67 亿元，同比下降 69.08%。上半年国际业务收入及家用呼吸机诊 疗业务收入下降较多，主要与美国家用呼吸机市场下游去库存影响有关；耗材类业务 1.36 亿 元，同比增长 26.13%，占比 35.69%，耗材占比稳步提升。我们预计随着去库存接近尾声，以 及公司与 RH 合作协议落地，海外业务有望恢复正常增长。 |分析师及联系人 郑薇 许津华 SAC：S0590521070002 SAC：S0590523070004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月21日 怡和嘉业(301367) 耗材业务持续增长，期待海外订单恢复 | --- | --- | |--------------------- ...

证券代码：301367 证券简称：怡和嘉业 北京怡和嘉业医疗科技股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|--------------------------------|----------------------------------------------------------| | | | 编号：2024—009 | | | □ 特定对象调研 □ | 分析师会议 | | 投资者关系活动 | □ 媒体采访 | √ 业绩说明会（电话形式） | | 类别 | □ 新闻发布会 □ | 路演活动 | | | □ 现场参观 | | | | □ 其他 | | | 参与单位名称 | 详见附件清单 | | | 时间 | 2024 年 8 月 20 日 | | | 地点 | 电话会议 | | | 上市公司接待人 | 副总经理兼董事会秘书：杜祎程 | | | 员姓名 | 证券事务代表：刘士岩 | | | | 一、公司简要介绍 | | | | 公司 2001 年成立， | 2003 年第一台多导睡眠检测仪上市，2007 | | | 年第一台 CPAP ...

怡和嘉业（ [Table_StockNameRptType] 301367） 公司点评 24H1 业绩仍承压，静待下半年边际改善 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------|-------------------------|--------|-------|--------|-------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...