Group 1 - The company's performance met expectations with a steady increase in gross margin, achieving revenue of 544 million yuan in the first half of 2025, a year-on-year growth of 42.3%, and a net profit attributable to shareholders of 131 million yuan, also up 42.19% [1] - The consumables segment experienced rapid growth, generating revenue of 178 million yuan in the first half of 2025, reflecting a year-on-year increase of 30.26%. The company has been actively expanding its international market presence, particularly in the U.S. since 2023 through a specialized team established by RH [1] - The company's overseas business continues to advance, with global market position steadily improving. In the first half of 2025, overseas revenue reached 353 million yuan, marking a year-on-year growth of 61.33%. According to data from Sullivan, the company's market share for home non-invasive ventilators was significant in 2023 [1] Group 2 - Revenue forecasts for the company are projected at 1.013 billion yuan, 1.268 billion yuan, and 1.610 billion yuan for the years 2025 to 2027, with corresponding EPS of 2.60 yuan, 3.35 yuan, and 4.47 yuan. The current stock price corresponds to PE ratios of 31.5, 24.4, and 18.3 times respectively, indicating a leading market position in ventilators and consumables [1]
华鑫证券-瑞迈特-301367-公司动态研究报告：业绩符合预期，呼吸机一体化龙头全球战略持续推进-250927