刹不住车了？一季度营收继续下降9.67%，乐普医疗何时否极泰来？

Core Viewpoint - Lepu Medical is experiencing a significant decline in performance, marking the end of its growth phase, with 2024 showing a substantial drop in revenue and profit compared to previous years [1][3]. Financial Performance - In 2022, Lepu Medical achieved revenue of 10.609 billion yuan, with a net profit of 2.246 billion yuan, reflecting a year-on-year growth of 26.15% [1]. - For 2024, the company reported revenue of 6.103 billion yuan, a decrease of 23.52%, and a net profit of 247 million yuan, down 80.37% year-on-year, marking the lowest since its IPO [1][2]. - The first quarter of 2025 also showed a decline, with revenue of 1.736 billion yuan, down 9.67%, and net profit of 379 million yuan, down 21.44% [2]. Asset Impairment and Business Challenges - Lepu Medical faced significant asset impairment losses totaling 251 million yuan in 2024, which heavily impacted its net profit [3]. - The company reported a decline across all major business segments in 2024: medical devices revenue fell by 9.47%, pharmaceuticals by 42.25%, and healthcare services by 19.24% [4]. Market Environment and Competition - The company is grappling with increased market competition, particularly in the cardiovascular device sector, where it faces strong rivals like MicroPort and Boston Scientific [5]. - The normalization of volume-based procurement has negatively affected the pricing and sales of Lepu Medical's products, leading to a significant drop in revenue from its core generic drugs [6][7]. Strategic Focus for Recovery - Lepu Medical aims to pivot towards innovation, consumer healthcare, and international expansion as key strategies for recovery [8][9]. - The company has developed a range of innovative products in the cardiovascular space and is actively pursuing new drug development, including a candidate for obesity and type II diabetes [10]. - The focus on consumer healthcare includes entering markets such as ophthalmology and dermatology, with several products in the registration phase [11]. Conclusion - Despite current challenges, Lepu Medical's foundational strengths and market demand in the cardiovascular sector provide a basis for potential recovery, contingent on effective execution of its strategic initiatives [8].