Investment Rating - The report assigns an "Accumulate" rating to the company [1] Core Viewpoints - The company is a leading player in the home medical device sector, with a diverse product line and steady growth in performance. It focuses on research, production, sales, and service of home medical devices, having established itself as a well-known enterprise in the industry [7][13] - The company is concentrating resources on core products to enhance competitiveness and optimize product structure, particularly in rehabilitation aids, health monitoring, medical care, respiratory support, and hearing aid sectors [9][39] - The company has built a multi-channel marketing network, integrating large e-commerce platforms, chain pharmacies, and self-operated stores to capture opportunities in interest e-commerce [8][72] Summary by Sections Company Overview - The company specializes in home medical devices and has developed a strong market presence since its establishment in 2007. It has evolved from retail operations to becoming a pioneer in its own brand, "Kefu" [13][14] Product Focus - The company has systematically organized its five major product lines, focusing on core products to drive upgrades and enhance competitiveness. The rehabilitation aids segment has seen significant growth due to acquisitions and increased demand from an aging population [39][40] - Health monitoring remains a traditional stronghold, with innovative products like integrated blood glucose and uric acid testing devices expected to drive future revenue growth [45][47] - The medical care segment is anticipated to return to normalized growth, with plans to enhance product offerings in beauty repair and wound care [50][55] - The respiratory support segment, while currently small, has significant growth potential with new product launches planned [57][58] - The hearing aid business is experiencing steady growth, driven by an increase in the number of retail outlets and enhanced service capabilities [63][66] Channel Strategy - The company has established a comprehensive marketing network that combines online and offline channels, achieving significant online sales growth through platforms like Tmall and JD.com [77][78] - The company is leveraging interest e-commerce channels to enhance brand visibility and consumer engagement, utilizing live streaming and short video promotions to tap into potential customer needs [79][84] Financial Forecast - Revenue projections for 2024-2026 are estimated at 32.47 billion, 38.33 billion, and 45.24 billion yuan, with corresponding net profits of 3.21 billion, 4.31 billion, and 5.52 billion yuan, indicating robust growth [9][88] - The company is expected to maintain a strong gross margin, with improvements anticipated in product quality and operational efficiency [26][29]
可孚医疗：构建立体式营销网络，聚焦核心业务发展