Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 1.594 billion in 2024, representing a year-on-year growth of 19.19%, with a net profit of 364 million, up 16.11% year-on-year [2][4] - The company is expanding its overseas production capacity, which highlights its supply chain advantages, with 87% of revenue coming from international markets [2] - The company is investing in new product development, with a focus on blood glucose management and cardiovascular technologies, which is expected to provide new growth drivers [2] - A new stock incentive plan has been introduced, reflecting the company's confidence in long-term growth [2] Financial Summary - In 2024, the company reported total revenue of 1.594 billion, with a net profit of 364 million, and a significant increase in cash flow from operating activities by 27.80% year-on-year [2][3] - The company forecasts revenue growth of 30.1%, 25.3%, and 23.1% for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 479 million, 601 million, and 741 million [4] - The gross margin is projected to remain stable around 42% over the next few years, with a return on equity (ROE) increasing from 10.5% in 2024 to 14.5% by 2027 [3][4]
美好医疗：新业务潜力可期，股权加码彰显成长信心-20250418