YUYUE MEDICAL(SZ:002223) Soochow Securities·2025-04-29 02:21Investment Rating - The investment rating for Yuyue Medical (002223) is "Buy" (maintained) [1] Core Views - The company reported better-than-expected results in Q1 2025 despite a high base effect from the previous year, with expectations for rapid growth from new products [1] - In 2024, the company achieved total revenue of 7.566 billion yuan, a decrease of 5.09% year-on-year, and a net profit attributable to shareholders of 1.806 billion yuan, down 24.63% year-on-year [1] - The Q1 2025 results showed revenue of 2.436 billion yuan, an increase of 9.17% year-on-year, and a net profit of 625 million yuan, a decrease of 5.26% year-on-year, which was better than expected [1] Summary by Sections Financial Performance - In 2024, the revenue from respiratory therapy solutions was 2.597 billion yuan, while clinical instruments and rehabilitation solutions generated 2.093 billion yuan [1] - The company’s overseas sales reached 949 million yuan in 2024, a growth of 30.42% year-on-year [1] - The gross profit margin for Q1 2025 was 50.30%, and the net profit margin was 25.58%, showing improvements compared to Q4 2024 [1] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025 and 2026 has been adjusted to 1.954 billion yuan and 2.211 billion yuan, respectively [1] - The expected P/E ratios for 2025, 2026, and 2027 are 17, 15, and 13 times, respectively, indicating a favorable valuation outlook [1]