Xiangyu Medical(SH:688626) KAIYUAN SECURITIES·2025-04-28 11:33Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6] Core Views - The company is expected to face pressure on its performance in 2024, but the long-term logic of the rehabilitation sector remains strong [6][7] - The company achieved revenue of 744 million yuan in 2024, a year-on-year decrease of 0.17%, and a net profit attributable to shareholders of 103 million yuan, down 54.68% year-on-year [6][8] - Despite the challenges, the company is maintaining high R&D investments, which are expected to lead to new growth points in the future [6][8] Financial Summary - Revenue for 2024 is projected to be 744 million yuan, with a slight decline from 2023 [9] - The net profit for 2024 is expected to be 103 million yuan, reflecting a significant decrease compared to the previous year [9] - The company’s gross margin is forecasted to be 67.4% in 2024, slightly down from 68.6% in 2023 [9][12] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.04 yuan, 1.34 yuan, and 1.73 yuan respectively [9][12] Industry Outlook - The rehabilitation sector is expected to benefit from an aging population and increasing demand for rehabilitation services [7] - The company is focusing on advanced technologies such as rehabilitation robots and brain-machine interfaces, which are anticipated to create a second growth curve [8] - The integration of rehabilitation services into community health centers and township hospitals is being promoted by policy, enhancing the demand for rehabilitation solutions [7]