Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company focuses on core product categories, leading to significant growth in revenue and profitability. In 2024, the company achieved a revenue of 2.983 billion yuan, a year-on-year increase of 4.53%, with a net profit of 312 million yuan, reflecting a year-on-year growth of 22.60% [2][3] - The company has seen a balanced development across five major product lines, with the rehabilitation aids category being a major growth driver, achieving a revenue of 1.104 billion yuan, up 42.77% year-on-year [2] - The company is enhancing its mid-to-high-end product matrix and multi-channel layout, which is expected to open new growth opportunities. In 2024, online business revenue reached 1.990 billion yuan, an increase of 8.94% year-on-year [2] Financial Performance Summary - In 2024, the company reported a gross profit margin of 51.86%, an increase of 8.58 percentage points year-on-year, and a net profit margin of 10.47%, up 1.61 percentage points year-on-year [2] - The company forecasts revenues of 3.538 billion yuan, 4.148 billion yuan, and 4.846 billion yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 18.6%, 17.2%, and 16.8% [3][4] - The projected net profit for 2025, 2026, and 2027 is 398 million yuan, 485 million yuan, and 584 million yuan, representing year-on-year growth rates of 27.7%, 21.8%, and 20.3% respectively [3][4]
可孚医疗（301087）：聚焦核心品类，结构调整提升盈利能力