Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported 1Q25 revenue of 296 million RMB, a year-on-year increase of 5.1%, while net profit attributable to the parent company decreased by 10.6% [1]. - The company is expected to maintain rapid growth in its core business, with projected revenue growth of 20-25% for home respiratory machine components and approximately 20% for artificial cochlear implant components in 2025 [2]. - The report highlights that the company is a leading domestic precision medical device supplier with a diversified growth outlook, supported by stable long-term partnerships with key clients [4]. Financial Performance - In 1Q25, the company's expense ratios increased year-on-year, with sales, management, R&D, and financial expense ratios at 4.06%, 10.58%, 11.05%, and -4.39%, respectively [3]. - The gross profit margin for 1Q25 was 39.28%, showing a slight year-on-year increase of 0.99 percentage points [3]. - The report forecasts net profits attributable to the parent company for 2025-2027 to be 457.65 million, 562.98 million, and 681.45 million RMB, respectively, representing growth rates of 26%, 23%, and 21% [4][10]. Valuation - The target price for the company is set at 38.26 RMB, based on a 34x PE valuation for 2025, compared to a comparable company average of 25x [4][7]. - The closing price as of April 24 was 26.59 RMB, indicating significant upside potential [7].
美好医疗：1Q25费用率提升影响利润增速-20250425