鱼跃医疗（002223）：血糖业务增长40%，海外拓展成效凸显

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's blood glucose business has shown a remarkable growth of 40%, with significant results from overseas expansion, leading to an overall revenue increase of over 30% [2] - In 2024, the company reported a revenue of 7.566 billion yuan, a year-on-year decrease of 5.09%, and a net profit attributable to shareholders of 1.806 billion yuan, down 24.63% year-on-year [2] - The company is expected to maintain stable growth in its core segments, with a focus on enhancing its product matrix and brand influence, particularly in overseas markets [2] Financial Performance Summary - In 2024, the company achieved total revenue of 75.66 billion yuan, with domestic revenue at 65.74 billion yuan (down 8.58% year-on-year) and overseas revenue at 9.49 billion yuan (up 30.42% year-on-year) [2] - The blood glucose management and POCT solutions business generated revenue of 10.30 billion yuan, reflecting a growth of 40.20% [2] - The company’s gross profit margin for 2024 was 50.14%, a decrease of 1.35 percentage points year-on-year, while the net profit margin was 23.85%, down 5.96 percentage points year-on-year [2] Revenue and Profit Forecast - The company is projected to achieve revenues of 86.82 billion yuan, 100.07 billion yuan, and 115.20 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 14.7%, 15.3%, and 15.1% [2] - The net profit attributable to shareholders is expected to be 2.111 billion yuan, 2.494 billion yuan, and 2.930 billion yuan for the same years, with growth rates of 16.9%, 18.2%, and 17.5% [2] - The price-to-earnings ratio (P/E) for 2025 is projected to be 16 times [2]