Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - 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, up 22.60% year-on-year [2][3] - The company has launched over a hundred new products in 2024, enhancing its mid-to-high-end product matrix and expanding its market presence through multi-channel strategies [2] - Revenue projections for 2025-2027 are estimated at 3.538 billion, 4.148 billion, and 4.846 billion yuan, with corresponding net profits of 398 million, 485 million, and 584 million yuan, reflecting growth rates of 27.7%, 21.8%, and 20.3% respectively [3][4] 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’s revenue from rehabilitation aids reached 1.104 billion yuan, growing 42.77% year-on-year, while health monitoring revenue decreased by 16.7% due to high base effects from the previous year [2] - The company’s online business generated 1.990 billion yuan in revenue, an increase of 8.94% year-on-year, while offline revenue was 851 million yuan, a decrease of 3.12% year-on-year [2] Earnings Forecast - The expected earnings per share (EPS) for 2025 is projected at 1.90 yuan, with a price-to-earnings (P/E) ratio of 17.60 times [4][5] - The company’s return on equity (ROE) is forecasted to improve from 6.5% in 2024 to 8.1% in 2025, indicating enhanced profitability [4][5]
可孚医疗：聚焦核心品类，结构调整提升盈利能力-20250505