Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Insights - The company's 2024 performance met expectations with a revenue of 1.594 billion yuan, representing a year-on-year growth of 19.19%. The net profit attributable to shareholders was 364 million yuan, up 16.11% year-on-year [6][12] - The traditional business segments showed steady growth, particularly in home respiratory machine components, which generated 1.089 billion yuan in revenue, a 25.58% increase year-on-year. The artificial cochlear implant components also saw a revenue of 135 million yuan, growing 18.74% year-on-year [2][12] - The second growth curve is gradually being realized, with other medical product components generating 103 million yuan in revenue, a year-on-year increase of 21.08% [2][12] - The blood glucose management segment has achieved large-scale production of the insulin injection pen project, with the core development of the "Meihao Pen" nearing completion [2][12] - The company has successfully established a global production capacity with the completion of the second phase of its factory in Malaysia, which alleviates capacity pressure from overseas business growth [12] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 1.594 billion yuan and a net profit of 364 million yuan. The first quarter of 2025 showed a revenue of 296 million yuan, a 5.05% increase year-on-year, but a net profit of 51.875 million yuan, down 10.62% year-on-year [6][12] Business Segments - Home respiratory machine components contributed significantly to revenue with 1.089 billion yuan, while artificial cochlear implant components brought in 135 million yuan. The blood glucose management segment is also progressing with the insulin injection pen project [2][12] Growth Projections - The company forecasts revenues of 1.926 billion yuan, 2.331 billion yuan, and 2.820 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 439 million yuan, 542 million yuan, and 663 million yuan for the same years [12][16]
美好医疗（301363）：业绩符合预期，血糖板块进入兑现阶段