Xiangyu Medical(688626) 中原证券·2025-01-28 01:38Investment Rating - The investment rating for the company is upgraded to "Buy" with an expectation of a relative increase of over 15% compared to the CSI 300 index within the next six months [12]. Core Views - The company is a leading research-driven enterprise in the domestic rehabilitation medical device industry, focusing on various categories including rehabilitation assessment, training rehabilitation, physiotherapy devices, nursing equipment, and assistive devices [7]. - The company anticipates a revenue of 730 million to 750 million yuan for 2024, reflecting a year-on-year change of -1.99% to 0.70%. The expected net profit attributable to shareholders is projected to decline by 51.57% to 58.18% [7]. - The company has a strong product lineup for elderly rehabilitation, addressing common ailments and functional impairments, and is expected to benefit from the "silver economy" trend [7]. - The company maintains its earnings forecast, projecting an EPS of 0.65 yuan for 2024, 1.20 yuan for 2025, and 1.38 yuan for 2026, with corresponding dynamic P/E ratios of 45.37, 24.42, and 21.24 respectively [7]. Summary by Sections Company Overview - The company has obtained 336 medical device registration certificates and has filed 1817 patents, indicating a strong focus on innovation and development [7]. Financial Performance - The company reported a revenue of 687 million yuan for 2024, a decrease of 7.76% compared to the previous year, with a projected net profit of 103 million yuan, down 54.44% [8]. - The projected revenue for 2025 is expected to increase to 769 million yuan, reflecting a growth rate of 12% [8]. Market Position - The company is well-positioned to leverage advancements in AI and robotics for rehabilitation, aiming to create a new high ground in the rehabilitation robot industry [7].