Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 94.15 CNY based on a 35x P/E ratio for 2025 [3][5]. Core Insights - The company is positioned as a leading player in the domestic home respiratory machine market, with significant growth potential in both domestic and international markets. The recovery in sales is expected as inventory issues clear up, particularly in the home respiratory machine segment [2][9]. - The global demand for chronic respiratory disease treatment is substantial, with a changing competitive landscape that has allowed the company to increase its market share significantly [9][40]. - The company has established a strong product quality comparable to international brands and is expanding its distribution channels both domestically and internationally [9][40]. Financial Forecast and Investment Recommendations - The company is projected to achieve earnings per share of 2.69 CNY, 3.59 CNY, and 4.57 CNY for the years 2025, 2026, and 2027, respectively. Revenue is expected to recover with a growth rate of 27.1% in 2025 [3][4]. - The financial outlook indicates a recovery in revenue and profit margins, with a notable increase in the contribution from consumables alongside the growth in respiratory machine sales [3][4][30]. Company Overview - Founded in 2001, the company has become a leader in the domestic home respiratory machine industry, with significant international expansion since obtaining FDA certification in 2012 [9][14]. - The company has experienced rapid growth, particularly during the COVID-19 pandemic and following the recall of Philips products, which has allowed it to capture market share [9][25]. Market Dynamics - The global market for home respiratory machines is expected to grow significantly, driven by increasing awareness of health issues and rising healthcare investments. The market size for home non-invasive respiratory machines was estimated at 2.78 billion USD in 2020 [57]. - The company has seen its market share in the domestic market rise to 30.6% by 2023, positioning it as the leading domestic brand [69][74]. Product and Service Strategy - The company offers a comprehensive range of products, including home non-invasive respiratory machines, ventilation masks, and oxygen concentrators, supported by a robust health management platform [17][40]. - The company is actively expanding its product offerings and market presence, including a recent strategic partnership to develop new respiratory products [39].
瑞迈特（301367）：首次覆盖报告：立足国内，走向全球的呼吸健康龙头