Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% in stock price compared to the market benchmark within the next six months [20]. Core Views - The company has demonstrated sustained high growth in performance, with a reported revenue of 278 million yuan for 2024, representing a year-on-year increase of 20.6%, and a net profit of 78 million yuan, up 92.9% year-on-year [4]. - The growth is driven by the expansion of existing products and the introduction of new products, particularly in the hemostatic gauze and dural adhesive segments, which are expected to enter a rapid commercialization phase [5]. - The company has optimized its cost structure, leading to a decrease in sales expense ratio, which was 15.8% in Q1 2025, down from 20.54% for the entire year of 2024 [4]. Financial Performance Summary - For 2024, the company achieved a revenue of 278 million yuan, with a net profit of 79 million yuan, and for Q1 2025, revenue reached 73 million yuan, reflecting a 28.8% year-on-year growth [4]. - The revenue projections for 2025-2027 are estimated at 370 million yuan, 460 million yuan, and 560 million yuan, respectively, with year-on-year growth rates of 31%, 26%, and 22% [5]. - The net profit forecasts for the same period are 120 million yuan, 158 million yuan, and 201 million yuan, with growth rates of 53%, 32%, and 27% [5]. Key Financial Metrics - The company's earnings per share (EPS) are projected to be 1.81 yuan in 2025, 2.38 yuan in 2026, and 3.02 yuan in 2027 [6]. - The price-to-earnings (P/E) ratio is expected to decrease from 54.1 in 2024 to 21.2 by 2027, indicating improving valuation [6]. - The gross margin is projected to decline slightly from 79.3% in 2024 to 75.3% in 2027, while the net profit margin is expected to improve from 28.3% to 35.6% over the same period [13].
迈普医学（301033）：业绩高增持续，止血纱+脑膜胶第二曲线快速兑现中