鱼跃医疗：血糖业务增长40%，海外拓展成效凸显-20250428

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 income increase of over 30% [2] - In 2024, the company reported a revenue of 75.66 billion yuan, a year-on-year decrease of 5.09%, and a net profit attributable to shareholders of 18.06 billion yuan, down 24.63% year-on-year [2] - The company is expected to maintain stable growth in its core sectors, with a focus on enhancing its product matrix and brand influence, particularly in overseas markets [2] - The company is increasing its investment in technology and brand strength, which is anticipated to improve profitability in the long term [2] - Revenue forecasts for 2025-2027 are projected at 86.82 billion, 100.07 billion, and 115.20 billion yuan, with corresponding net profits of 21.11 billion, 24.94 billion, and 29.30 billion yuan, reflecting growth rates of 16.9%, 18.2%, and 17.5% respectively [2] Financial Summary - In 2024, the company achieved a gross margin of 50.14% and a net profit margin of 23.85% [2] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.11 yuan, 2.49 yuan, and 2.92 yuan respectively [3] - The company’s total revenue for 2023 was 79.72 billion yuan, with a year-on-year growth of 12.3% [3] - The net profit attributable to shareholders for 2023 was 2.396 billion yuan, reflecting a year-on-year increase of 50.2% [3]