Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][55]. Core Insights - The company, JinHao Medical, has established itself as a leading domestic hearing aid manufacturer since its inception in 2011, achieving significant milestones including multiple high-tech honors and successful listings on the Beijing Stock Exchange in 2021 [2][8]. - Despite facing short-term performance pressures, the company is expected to see results from its self-branded products and channel development in the second half of 2024 [2][29]. - The company has a clear and stable shareholding structure, with the actual controller holding over 60% of the shares, which enhances management stability and investor confidence [2][15]. - JinHao Medical's core business is hearing aids, accounting for over 80% of its revenue, with strong international sales and partnerships with major global retailers [2][17]. - The global hearing aid market is projected to reach USD 8.33 billion by 2025, with a compound annual growth rate (CAGR) of 5.18%, driven by increasing demand due to aging populations [2][45]. - The company aims to strengthen its position in the ODM and self-branded hearing aid markets, focusing on research and development to enhance competitiveness [2][29]. Summary by Sections Company Overview - JinHao Medical focuses on the research, production, and sales of hearing aids, with a significant portion of its revenue derived from this segment [2][17]. - The company has developed its own chip technology, which is expected to reduce costs and improve product competitiveness [2][9]. Industry Overview - The hearing aid industry is experiencing steady growth, driven by an aging population and increasing awareness of hearing health [2][40]. - The domestic market for hearing aids is still developing, with significant potential for growth as local companies like JinHao Medical expand their market share [2][46]. Financial Forecast and Valuation - The company is projected to generate revenues of CNY 141.46 million, CNY 159.88 million, and CNY 181.42 million for the years 2024, 2025, and 2026, respectively, with expected growth rates of -19.11%, 13.02%, and 13.47% [2][51]. - The forecasted net profit for the same period is CNY 2.24 million, CNY 15.52 million, and CNY 17.09 million, reflecting a significant recovery in profitability by 2025 [2][51]. - The current market valuation corresponds to a price-to-earnings (P/E) ratio of 468, 68, and 61 for the years 2024, 2025, and 2026, respectively [2][55].
锦好医疗短期承压，自有品牌突破和渠道建设夯实国产助听器龙头企业地位