九安医疗：立足iHealth系列，展望O+O互联网医疗

Investment Rating - Buy (首次覆盖) [3][5] Core Views - iHealth brand has established a strong foothold in the US market, with its COVID-19 antigen test products gaining widespread recognition during the pandemic [3] - The company's triple test product (COVID-19, Influenza A, and Influenza B) has solidified its leading position in the US market, with strong sales performance on Amazon [3][65] - The global CGM market is expected to grow at a CAGR of 20.3% from 2020 to 2030, and the company aims to leverage its iHealth brand to capture market share [4][80] - The company's diabetes care "O+O" model integrates online and offline services, providing comprehensive management for diabetic patients [28][114] Financial Projections and Valuation - Revenue is projected to be 2.94 billion yuan in 2024, 3.10 billion yuan in 2025, and 3.67 billion yuan in 2026, with YoY growth rates of -8.89%, 5.14%, and 18.42% respectively [1][153] - Net profit attributable to the parent company is expected to be 1.51 billion yuan in 2024, 1.54 billion yuan in 2025, and 1.73 billion yuan in 2026, with YoY growth rates of 20.53%, 2.08%, and 12.59% respectively [1][153] - EPS is forecasted to be 3.07 yuan in 2024, 3.14 yuan in 2025, and 3.53 yuan in 2026, with P/E ratios of 13.85x, 13.56x, and 12.05x respectively [1][5] - The DCF model suggests a fair valuation of 34.45 billion yuan, with a target price of 70.28 yuan per share [5][142] Company Highlights - iHealth brand has gained significant recognition in the US, with its antigen test products consistently ranking as best-sellers on Amazon [3][63] - The company has a strong cash reserve and stable investment returns, providing a solid foundation for future growth [6][131] - The triple test product has filled a market gap and is expected to see strong demand during the flu season [65][107] - The company is advancing its CGM product, which is currently in the pre-clinical stage, with plans to launch it in the US and global markets [4][117] Industry Insights - The global CGM market is highly concentrated, with Medtronic, Dexcom, and Abbott dominating the market [80] - The global home medical device market is driven by the increasing burden of chronic diseases and the growing elderly population [82] - The global infectious disease testing market is expected to grow at a CAGR of 3.48% from 2024 to 2029, with the Asia-Pacific region being the fastest-growing market [73] Product and Market Strategy - The company's iHealth series products, including blood pressure monitors, glucose meters, and thermometers, have achieved significant success in the global market [16][18] - The company plans to expand its iHealth brand globally, particularly in the IVD and diabetes management sectors [21] - The company's "O+O" diabetes care model has been implemented in over 50 cities in China and has partnered with 60 clinics in the US, serving approximately 19,000 patients [130]