YUYUE MEDICAL(002223) 信达证券·2025-02-26 08:56Investment Rating - The investment rating for the company is "Buy" [2] Core Viewpoints - The report suggests that against the backdrop of an aging population, the demand for health management and home care is increasing, leading to a gradual expansion of the home medical device market. As a leading domestic manufacturer, the company is expected to enhance its market share and maintain steady growth due to an enriched product pipeline and increasing brand influence [5][15]. Summary by Sections 1. Company Overview - The company has over 20 years of experience in the home medical device sector, leveraging both self-research and acquisitions to establish a leading position. It has expanded its product range to over 600 types and nearly 10,000 specifications, achieving significant brand value and market presence [18][21]. - The Wu family holds over 42% of the company, with a new generation of management taking the helm, indicating a transition into a new growth phase [21][22]. - Revenue and profit have seen rapid growth, with expectations for continued improvement in profitability [24][28]. 2. Core Business Growth - The respiratory therapy and diabetes care segments are driving strong growth. Revenue from respiratory therapy has increased from 29.24 million yuan in 2005 to 3.371 billion yuan in 2023, with a compound annual growth rate (CAGR) of 30.18% [6][37]. - The diabetes care segment, bolstered by the acquisition of Zhejiang Kailite, saw revenue grow to 457 million yuan in 2023, a year-on-year increase of 70.5% [6][15]. 3. New Growth Opportunities - The company is diversifying into high-potential areas such as AEDs and ophthalmic devices, which are expected to provide new growth drivers. The acquisition of German company Pumekang enhances its competitive edge in the emergency equipment market [7][15]. - The company has also invested in the ophthalmic sector through acquisitions, positioning itself for future growth [7][15]. 4. Brand and Sales Network - The company has strengthened its brand and established a comprehensive sales network across OTC, hospitals, e-commerce, and overseas markets. E-commerce sales have grown from 667 million yuan in 2015 to 3.42 billion yuan in 2024, with a CAGR of 19.92% [8][16]. - The brand's value has significantly increased, enhancing customer loyalty and solidifying its leading position in the home medical device market [8][16]. 5. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of 7.805 billion yuan, 8.975 billion yuan, and 10.4 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -2.1%, 15.0%, and 15.9% [9][15]. - Corresponding net profits are expected to be 1.904 billion yuan, 2.304 billion yuan, and 2.76 billion yuan, with growth rates of -20.5%, 21.0%, and 19.8% [9][15].