Group 1 - The core viewpoint of the article highlights that Meihao Medical's H1 2025 net profit attributable to the parent company is 110 million yuan, a year-on-year decrease of 32.4% [1] - The company's core business revenue from home respiratory machine components is 440 million yuan, down 2.8% year-on-year, while revenue from cochlear implant components is 60 million yuan, down 7.5% year-on-year [1] - The underperformance is attributed to geopolitical tensions affecting the construction and production timeline of the company's Malaysian Phase III industrial base, impacting the delivery rhythm of core business orders [1] Group 2 - Despite the short-term challenges, the company has strong respiratory and cochlear implant businesses, with a continuously enriching product pipeline and ongoing development of new businesses and customers, indicating broad long-term potential [1] - Based on comparable companies' average valuation for 2025, the company is given a 36 times price-to-earnings ratio, corresponding to a target price of 24.48 yuan, maintaining a "buy" rating [1]
美好医疗：25H1净利润降32.4%，目标价24.48元