Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 8.00 CNY based on a 25x PE valuation for 2025 [2][5]. Core Insights - The impact of centralized procurement is gradually clearing, and the company's innovative pipeline is progressing smoothly [1]. - The company has adjusted its revenue and gross margin expectations downward due to the effects of centralized procurement, while overall expense ratios have been adjusted upward [2]. - The company reported a significant decline in revenue and net profit for 2024, primarily due to the implementation of a new round of insulin centralized procurement and inventory control by commercial clients [10]. - Despite the challenges, overseas revenue showed strong growth, with a nearly 80% year-on-year increase in the first quarter of 2025 [10]. - The company is making progress in its research and development pipeline, with positive results from clinical trials for several products [10]. Financial Information Summary - **Revenue Forecast**: The company expects revenues of 2,708 million CNY in 2025, up from 2,010 million CNY in 2024, reflecting a growth rate of 34.7% [4]. - **Net Profit Forecast**: The forecasted net profit for 2025 is 630 million CNY, a significant recovery from a loss of 43 million CNY in 2024 [4]. - **Earnings Per Share**: The expected earnings per share for 2025 is 0.32 CNY, with projections of 0.40 CNY and 0.47 CNY for 2026 and 2027, respectively [4]. - **Gross Margin**: The gross margin is projected to decline slightly from 73.9% in 2024 to 71.8% in 2025 [4]. - **Net Margin**: The net margin is expected to recover to 23.3% in 2025 from a negative margin in 2024 [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 8.00 CNY based on a 25x PE valuation for 2025 [2][5]. Core Views - The impact of centralized procurement is gradually clearing, and the progress of the innovation pipeline is smooth [1]. - The company has adjusted its revenue and gross margin expectations downward due to the effects of centralized procurement, while overall expense ratios have been adjusted upward [2]. - The company is expected to recover in revenue in 2025, with projected earnings per share of 0.32 CNY, 0.40 CNY, and 0.47 CNY for 2025, 2026, and 2027 respectively [2]. Financial Information Summary - **Revenue Forecast**: The company is projected to generate revenues of 2,708 million CNY in 2025, 3,216 million CNY in 2026, and 3,546 million CNY in 2027, reflecting a growth of 34.7%, 18.8%, and 10.3% respectively [4]. - **Net Profit**: The forecasted net profit attributable to the parent company is expected to be 630 million CNY in 2025, 788 million CNY in 2026, and 911 million CNY in 2027, showing significant growth of 1575.4% in 2025 [4]. - **Gross Margin**: The gross margin is projected to decline from 80.1% in 2023 to 71.3% in 2027 [4]. - **Earnings Per Share**: The earnings per share are expected to recover from a loss of 0.02 CNY in 2024 to 0.32 CNY in 2025, 0.40 CNY in 2026, and 0.47 CNY in 2027 [4]. Market Performance - The company's stock price was 7.67 CNY as of May 21, 2025, with a 52-week high of 9.8 CNY and a low of 7 CNY [5]. - The company has shown a relative performance of 2.67% over the past month compared to the CSI 300 index [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.00 CNY, based on a 25x PE valuation for 2025 [2][5]. Core Insights - The impact of centralized procurement is gradually clearing, and the progress of the innovation pipeline is smooth [1]. - The company has adjusted its revenue and gross margin expectations downward due to the effects of centralized procurement, while also raising overall expense ratio expectations [2]. - The company reported a significant decline in revenue and net profit for 2024, primarily due to the implementation of a new round of insulin centralized procurement and inventory control by commercial clients [10]. - However, overseas revenue showed strong growth, with a nearly 80% year-on-year increase in the first quarter of 2025, indicating a recovery in revenue [10]. - The research pipeline is progressing well, with positive results from various clinical trials, including a dual-target inhibitor for gout [10]. Financial Summary - The company’s revenue for 2023 was 3,075 million CNY, with a projected decline to 2,010 million CNY in 2024, followed by a recovery to 2,708 million CNY in 2025 [4]. - The net profit attributable to the parent company is expected to recover from a loss of 43 million CNY in 2024 to 630 million CNY in 2025 [4]. - The gross margin is projected to decrease from 80.1% in 2023 to 71.8% in 2025, while the net margin is expected to improve from -2.1% in 2024 to 23.3% in 2025 [4]. - The earnings per share (EPS) is forecasted to be 0.32 CNY in 2025, up from a loss of 0.02 CNY in 2024 [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 18.18 CNY [3] Core Views - The company is experiencing short-term profit pressure due to rapid store expansion and integration, with a focus on expanding into provinces outside of its traditional markets and into county-level cities [7] - The company reported a revenue of 18.00 billion CNY in 2024, a year-on-year increase of 3.57%, but a significant decline in net profit attributable to the parent company, which was 114 million CNY, down 79.23% year-on-year [7] - The company aims to enhance its operational efficiency as it expands its store network, which totaled 11,498 stores by the end of 2024, with a net increase of 1,243 stores during the year [7] Financial Information Summary - Revenue projections for the company are as follows: - 2023A: 17,380 million CNY - 2024A: 18,000 million CNY (3.6% growth) - 2025E: 19,512 million CNY (8.4% growth) - 2026E: 21,476 million CNY (10.1% growth) - 2027E: 23,919 million CNY (11.4% growth) [2] - The company's net profit attributable to the parent company is projected to recover significantly by 2025, reaching 594 million CNY, a 420.4% increase from 2024 [2] - The earnings per share (EPS) forecast is as follows: - 2023A: 0.94 CNY - 2024A: 0.19 CNY - 2025E: 1.01 CNY - 2026E: 1.28 CNY - 2027E: 1.39 CNY [2] - The company’s gross margin is expected to stabilize around 33.0% by 2027, with a slight dip to 31.8% in 2024 [2] Market Performance - The company's stock price as of May 21, 2025, was 17.19 CNY, with a 52-week high of 22.73 CNY and a low of 10.84 CNY [3] - The company has shown a strong absolute performance over the past week and month, with increases of 24.03% and 31.72% respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.80 CNY based on a 24x PE for 2025 [2][4]. Core Views - The company's revenue for 2024 is projected to decline by 9.0% year-on-year, with a significant drop in net profit expected to be -3.57 billion CNY, reflecting a 216.2% decrease compared to the previous year [8]. - The first quarter of 2025 shows a revenue decline of 20.45% year-on-year, with a net profit of -0.21 billion CNY, indicating a 190.66% decrease [8]. - The company is focusing on improving operational efficiency and has achieved a gross margin of 26.39% in Q1 2025, which is an increase of 0.86 percentage points year-on-year [8]. Financial Performance Summary - **Revenue Forecast**: - 2023: 13,408 million CNY - 2024: 12,196 million CNY (down 33.9%) - 2025: 12,751 million CNY (up 4.5%) - 2026: 13,389 million CNY (up 5.0%) - 2027: 14,304 million CNY (up 6.8%) [3][10] - **Net Profit**: - 2023: 307 million CNY - 2024: -357 million CNY (down 78.6%) - 2025: 435 million CNY (up 221.7%) - 2026: 633 million CNY (up 45.6%) - 2027: 881 million CNY (up 39.1%) [3][10] - **Earnings Per Share (EPS)**: - 2023: 0.49 CNY - 2024: -0.57 CNY - 2025: 0.70 CNY - 2026: 1.01 CNY - 2027: 1.41 CNY [3][10] - **Gross Margin**: - 2023: 31.3% - 2024: 28.0% - 2025: 28.5% - 2026: 29.0% - 2027: 29.5% [3][10] - **Net Margin**: - 2023: 2.3% - 2024: -2.9% - 2025: 3.4% - 2026: 4.7% - 2027: 6.2% [3][10] Strategic Initiatives - The company is enhancing its diagnostic services, with a revenue of 45.20 billion CNY in 2024, a decrease of 12.86% year-on-year, while focusing on key clients and diseases [8]. - The introduction of AI technology is being accelerated, with the launch of the "Dian Medical Inspection Big Model" in collaboration with Huawei Cloud [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.80 CNY based on a 24x PE for 2025 [2][4]. Core Views - The company's revenue for 2024 is projected to decline by 9.0% year-on-year, with a significant drop in net profit expected to be -3.57 billion CNY, reflecting a 216.2% decrease compared to the previous year [8]. - The first quarter of 2025 shows a revenue decline of 20.45% year-on-year, with a net profit of -0.21 billion CNY, indicating a 190.66% decrease [8]. - The company is focusing on improving operational efficiency and has achieved a gross margin of 26.39% in Q1 2025, which is an increase of 0.86 percentage points year-on-year [8]. Financial Summary - **Revenue Forecast**: - 2023: 13,408 million CNY - 2024: 12,196 million CNY (down 33.9%) - 2025: 12,751 million CNY (up 4.5%) - 2026: 13,389 million CNY (up 5.0%) - 2027: 14,304 million CNY (up 6.8%) [3][10] - **Net Profit**: - 2023: 307 million CNY - 2024: -357 million CNY (down 78.6%) - 2025: 435 million CNY (up 221.7%) - 2026: 633 million CNY (up 45.6%) - 2027: 881 million CNY (up 39.1%) [3][10] - **Earnings Per Share (EPS)**: - 2023: 0.49 CNY - 2024: -0.57 CNY - 2025: 0.70 CNY - 2026: 1.01 CNY - 2027: 1.41 CNY [3][10] - **Gross Margin**: - 2023: 31.3% - 2024: 28.0% - 2025: 28.5% - 2026: 29.0% - 2027: 29.5% [3][10] - **Net Margin**: - 2023: 2.3% - 2024: -2.9% - 2025: 3.4% - 2026: 4.7% - 2027: 6.2% [3][10] Business Strategy and Developments - The company is accelerating its digital transformation and has launched the "Dian Medical Inspection Big Model" in collaboration with Huawei Cloud [8]. - The company has seen a steady growth in its diagnostic services, with a revenue of 45.20 billion CNY in 2024, down 12.86% year-on-year, but with significant growth in key disease areas [8]. - The company has also made strides in cost reduction and efficiency improvements, achieving a reduction of approximately 100 million CNY in costs through local procurement of key consumables [8].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 16.80 CNY based on a 24x PE for 2025 [2][4]. Core Views - The company's revenue for 2024 is projected to decline by 9.0% year-on-year, with a significant drop in net profit expected to be -3.57 billion CNY, reflecting a 216.2% decrease compared to the previous year [8]. - The first quarter of 2025 shows a revenue decline of 20.45% year-on-year, with a net profit of -0.21 billion CNY, indicating a 190.66% decrease [8]. - The company is focusing on improving operational efficiency and has achieved a gross margin of 26.39% in Q1 2025, which is an increase of 0.86 percentage points year-on-year [8]. - The company is accelerating its digital transformation and has launched the "Dian Medical Inspection Big Model" in collaboration with Huawei Cloud, marking significant advancements in AI technology within the industry [8]. Financial Summary - The company's financial performance is summarized as follows: - Revenue (in million CNY): 2023A: 13,408; 2024A: 12,196; 2025E: 12,751; 2026E: 13,389; 2027E: 14,304 [3][10]. - Year-on-year growth rates: 2023A: -33.9%; 2024A: -9.0%; 2025E: 4.5%; 2026E: 5.0%; 2027E: 6.8% [3][10]. - Net profit attributable to the parent company (in million CNY): 2023A: 307; 2024A: -357; 2025E: 435; 2026E: 633; 2027E: 881 [3][10]. - Earnings per share (CNY): 2023A: 0.49; 2024A: -0.57; 2025E: 0.70; 2026E: 1.01; 2027E: 1.41 [3][10]. - Gross margin (%): 2023A: 31.3%; 2024A: 28.0%; 2025E: 28.5%; 2026E: 29.0%; 2027E: 29.5% [3][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 18.18 CNY [3]. Core Views - The company is experiencing short-term profit pressure due to rapid store expansion and integration, with a focus on expanding into provinces outside its traditional markets and into county-level cities [7]. - The company reported a revenue of 18.00 billion CNY in 2024, a year-on-year increase of 3.57%, but a significant decline in net profit attributable to the parent company, which was 114 million CNY, down 79.23% year-on-year [7]. - The company aims to enhance its operational efficiency as it expands its store network, which totaled 11,498 stores by the end of 2024, with a net increase of 1,243 stores during the year [7]. Financial Information Summary - **Revenue Forecast**: - 2023A: 17,380 million CNY - 2024A: 18,000 million CNY (3.6% growth) - 2025E: 19,512 million CNY (8.4% growth) - 2026E: 21,476 million CNY (10.1% growth) - 2027E: 23,919 million CNY (11.4% growth) [2][9] - **Net Profit Forecast**: - 2023A: 549 million CNY - 2024A: 114 million CNY (-79.2% growth) - 2025E: 594 million CNY (420.4% growth) - 2026E: 748 million CNY (25.9% growth) - 2027E: 811 million CNY (8.5% growth) [2][9] - **Earnings Per Share (EPS)**: - 2023A: 0.94 CNY - 2024A: 0.19 CNY - 2025E: 1.01 CNY - 2026E: 1.28 CNY - 2027E: 1.39 CNY [2][9] - **Profitability Ratios**: - Gross Margin: 33.0% in 2023A, expected to decline to 31.8% in 2024A, then gradually recover to 33.0% by 2027E [2][9]. - Net Margin: 3.2% in 2023A, dropping to 0.6% in 2024A, then recovering to 3.4% by 2027E [2][9]. - **Valuation Ratios**: - Price-to-Earnings (P/E) Ratio: 18.3 in 2023A, expected to rise to 88.2 in 2024A, then decrease to 12.4 by 2027E [2][9]. - Price-to-Book (P/B) Ratio: 1.3 in 2023A, remaining stable at 1.1 by 2027E [2][9].

1、家电国内以旧换新政策效果不及预期；2、原材料价格及汇率大幅波动；3、对美出口 关税大幅上升；4、海外需求超预期下滑。 国家/地区 中国 行业 家电行业 报告发布日期 2025 年 05 月 23 日 看好（维持） 周振 zhouzhen@orientsec.com.cn 执业证书编号：S0860523070002 家电行业 行业研究 | 动态跟踪 产能布局优势&关税缓解，家电出口链成长 性有望回归 核心观点 投资建议与投资标的 一季报家电普遍超预期，后续家电内销有望持续受益政策拉动，结构上 K 线分化，高端 定位和性价比皆有不错表现，叠加今年空调旺季有望受益较高气温和较低库存，二季度 家电需求值得期待；4 月白电出口稳健增长，指引新兴市场潜力，后续对美出口扰动也有 望缓解。 推荐享受国内政策延续、积极出海，自身效率提升的优质白电龙头，建议关注美的集团 (000333，未评级)、海尔智家(600690，买入)、海信家电(000921，未评级)；推荐海外 成熟市场份额重塑，且短期全球供应链优势有望放大弹性的出海/出口优质企业，建议关 注海信视像(600060，增持)、欧圣电气(301187，买入)；推荐短期受 ...

推荐享受国内政策延续、积极出海，自身效率提升的优质白电龙头，建议关注美的集团 (000333，未评级)、海尔智家(600690，买入)、海信家电(000921，未评级)；推荐海外 成熟市场份额重塑，且短期全球供应链优势有望放大弹性的出海/出口优质企业，建议关 注海信视像(600060，增持)、欧圣电气(301187，买入)；推荐短期受益国补品类外溢， 中长期有望享受新兴家电品类需求红利的优质小家电企业，建议关注石头科技(688169， 买入)、小熊电器(002959，增持)。 家电行业 行业研究 | 动态跟踪 产能布局优势&关税缓解，家电出口链成长 性有望回归 核心观点 投资建议与投资标的 一季报家电普遍超预期，后续家电内销有望持续受益政策拉动，结构上 K 线分化，高端 定位和性价比皆有不错表现，叠加今年空调旺季有望受益较高气温和较低库存，二季度 家电需求值得期待；4 月白电出口稳健增长，指引新兴市场潜力，后续对美出口扰动也有 望缓解。 风险提示 1、家电国内以旧换新政策效果不及预期；2、原材料价格及汇率大幅波动；3、对美出口 关税大幅上升；4、海外需求超预期下滑。 国家/地区 中国 行业 家电行业 报告发布 ...