Core Viewpoint - The report from Dongfang Securities indicates that Meihao Medical's net profit attributable to the parent company for H1 2025 is 110 million yuan, a year-on-year decrease of 32.4% [1] Group 1: Financial Performance - The company's core business, home respiratory machine components, generated revenue of 440 million yuan, down 2.8% year-on-year [1] - Revenue from cochlear implant components was 60 million yuan, reflecting a year-on-year decline of 7.5% [1] - The performance was below expectations, attributed to geopolitical tensions affecting supply chain stability, with the company's Malaysian Phase III industrial base under construction and not yet in production, impacting order delivery schedules for core business [1] Group 2: Business Outlook - Despite the current challenges, the company has strong competitiveness in its respiratory and cochlear implant businesses [1] - The product pipeline is continuously expanding, with new businesses and customers being developed, indicating significant long-term growth potential [1] - Based on comparable companies' average valuation for 2025, the company is assigned a price-to-earnings ratio of 36 times, leading to a target price of 24.48 yuan, maintaining a "buy" rating [1]
研报掘金丨东方证券:维持美好医疗“买入”评级,目标价24.48元