Investment Rating - The report gives a "Buy" rating for the company, Kefu Medical, marking its first coverage [2][6]. Core Views - Kefu Medical is positioned as a rising star in the home medical device sector, actively pursuing a platform-based layout. The company has reached a new revenue scale, focusing on core products, with a significant increase in self-manufactured products. The product pipeline is rich, and profitability is expected to continue improving. Additionally, the company is expanding its hearing chain service terminals to create a second growth curve [2][3][6]. Summary by Sections Company Overview - Kefu Medical operates in the home medical device industry, providing a comprehensive health management platform. The company covers five major areas: health monitoring, rehabilitation aids, respiratory support, medical care, and traditional Chinese medicine therapy, with nearly ten thousand product models [16]. Revenue and Profitability - From 2019 to 2023, Kefu Medical achieved a compound annual growth rate (CAGR) of 18.2% in revenue and 19.6% in net profit attributable to shareholders. The company’s revenue for the first half of 2024 reached 1.56 billion yuan, a year-on-year increase of 2.6% [3][16]. Product Strategy - The company has shifted from a scale-oriented approach to focusing on core products, with self-manufactured products' revenue share increasing from 18.3% in 2017 to 56.7% in 2023. The revenue from self-manufactured products reached 1.53 billion yuan in 2023 [2][3][24]. Hearing Chain Service - Kefu Medical has established a hearing service network, with the number of stores increasing from 432 in 2022 to 765 in 2023. The hearing service segment generated 198 million yuan in revenue in 2023, a 64% year-on-year increase [3][6]. Financial Forecast - The company is projected to achieve net profits of 380 million yuan, 470 million yuan, and 570 million yuan for 2024, 2025, and 2026, respectively, with growth rates of 50.3%, 22.4%, and 22.3%. The current price-to-earnings (PE) ratios are estimated at 20X, 17X, and 14X for the same years [3][6]. Market Position - Kefu Medical is positioned favorably within the home medical device sector, benefiting from the aging population. The company’s product offerings span health monitoring, rehabilitation aids, respiratory support, medical care, and traditional Chinese medicine therapy, providing a one-stop health management solution [2][3][6].
可孚医疗：家用医疗器械后起之秀，积极布局听力连锁服务终端