Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Views - The company has a solid foundation in its core businesses of home respiratory machine components and artificial cochlear components, while diversifying into new growth areas [1][12]. - The home respiratory machine market is expected to continue expanding, with the company poised for recovery as downstream clients finish inventory adjustments [1][12]. - The artificial cochlear market is highly concentrated, and the company has established strong partnerships with key clients, ensuring steady growth [1][12]. - The company leverages its technological advantages in liquid silicone, precision molds, and automation to explore new fields, enhancing its growth potential [1][12]. Summary by Sections 1. Core Business and Diversification - The company has been deeply engaged in the medical device precision components sector for over a decade, focusing on home respiratory machines and artificial cochlear components [1][12]. - The company has expanded into other medical product components and consumer electronics, creating new growth opportunities [1][12]. 2. Home Respiratory Machine Market - The global market for respiratory machines is growing due to a large patient base for OSA and COPD, with the company benefiting from its partnerships with leading clients [1][12]. - Revenue from respiratory machine components increased from 480 million to 1.059 billion CNY from 2018 to 2022, with a CAGR of 21.87% [1][12]. 3. Artificial Cochlear Market - The global market for artificial cochlear reached 1.9 billion USD in 2022, with an expected CAGR of 8.43% from 2022 to 2030 [1][12]. - The company has maintained a strong relationship with its key client, leading to significant revenue growth in this segment [1][12]. 4. Technological Advancements and New Business Areas - The company has developed advanced technologies in precision molds and liquid silicone, allowing it to enter new markets such as blood glucose monitoring and insulin pen production [1][12]. - Revenue from consumer electronics components grew from 6.39 million to 150 million CNY from 2018 to 2023, with a CAGR of 88.04% [1][12]. 5. Financial Forecast and Valuation - Projected revenues for 2024, 2025, and 2026 are 1.614 billion, 1.975 billion, and 2.406 billion CNY, respectively, with year-on-year growth rates of 20.7%, 22.4%, and 21.8% [2][9]. - Expected net profits for the same years are 380 million, 465 million, and 575 million CNY, with growth rates of 21.3%, 22.3%, and 23.7% [2][9].
美好医疗：基石业务稳健，多元化突破打造新增长极