YUYUE MEDICAL(SZ:002223) Hua Yuan Zheng Quan·2025-04-29 09:15Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to return to a stable growth trajectory with strong overseas growth [6] - The company reported a revenue of 7.57 billion yuan in 2024, a decrease of 5.1% year-on-year, and a net profit of 1.81 billion yuan, down 24.6% year-on-year [8] - The company has a strong brand presence in the domestic home medical device market and continues to expand its overseas operations, indicating significant growth potential [8] Financial Performance Summary - Revenue Forecasts: - 2023: 7,972 million yuan - 2024: 7,566 million yuan (down 5.09%) - 2025E: 8,606 million yuan (up 13.75%) - 2026E: 9,735 million yuan (up 13.11%) - 2027E: 11,037 million yuan (up 13.38%) [7] - Net Profit Forecasts: - 2023: 2,396 million yuan - 2024: 1,806 million yuan (down 24.63%) - 2025E: 2,011 million yuan (up 11.35%) - 2026E: 2,314 million yuan (up 15.07%) - 2027E: 2,661 million yuan (up 15.03%) [7] - Earnings Per Share (EPS): - 2023: 2.39 yuan - 2024: 1.80 yuan - 2025E: 2.01 yuan - 2026E: 2.31 yuan - 2027E: 2.65 yuan [7] - Return on Equity (ROE): - 2023: 20.37% - 2024: 14.40% - 2025E: 14.53% - 2026E: 15.08% - 2027E: 15.58% [7] Business Segment Performance - Respiratory therapy revenue in 2024 was 2.6 billion yuan, down 22.4% year-on-year due to high base effects from 2023 [8] - Blood glucose management and POCT revenue reached 1.03 billion yuan, up 40.2% year-on-year, with significant growth in CGM products [8] - Home health testing revenue was 1.56 billion yuan, down 0.4% year-on-year, with electronic blood pressure monitors showing double-digit growth [8] - Clinical instruments and rehabilitation revenue was 2.09 billion yuan, up 0.2% year-on-year, with good growth trends in acupuncture needles and wheelchairs [8] - Overseas revenue reached 950 million yuan, up 30.4% year-on-year, increasing its share from 9.1% to 12.5% [8] Financial Health - As of the end of Q1 2025, the company had cash and cash equivalents of 7.08 billion yuan with no short-term or long-term debt, indicating a strong financial position [8]