Investment Rating - The report gives a "Buy" rating for the company, Kefu Medical, with a target price of 45 CNY based on a 25x PE valuation for 2025 [6][10]. Core Views - Kefu Medical is a leading comprehensive home medical device company in China, focusing on personal health management across five major business lines: rehabilitation aids, medical care, health monitoring, respiratory support, and traditional Chinese medicine therapy [6][10]. - The company is expected to benefit from the growth in its rehabilitation aids and health monitoring segments, while the medical care segment is returning to normalized growth after the impact of pandemic-related high baselines [10][11]. Summary by Sections Comprehensive Home Medical Device Company - Kefu Medical, established in 2009, operates as a comprehensive home medical device company with a dual-channel strategy (online and offline) [14]. - The company offers nearly 10,000 product models across various health management categories and maintains a leading position in e-commerce within the medical device sector [14][6]. Five Major Business Lines - Rehabilitation Aids: Continuous optimization of existing products and expansion into posture correction and hearing aid markets are expected to drive growth [37]. - Medical Care: The segment is gradually returning to normal growth as the impact of pandemic-related high baselines diminishes [10][11]. - Health Monitoring: The company has a comprehensive product layout, with a new continuous glucose monitoring (CGM) product expected to become a bestseller [10][11]. - Respiratory Support: The business model is shifting from agency to self-branded sales, enhancing profitability [10][11]. - Traditional Chinese Medicine Therapy: This segment is recovering from pandemic disruptions and is expected to grow with policy support [10][11]. Competitive Strength and Long-term Development - Kefu Medical is enhancing its competitive edge through a dual-channel strategy, multi-brand layout, and a focus on R&D efficiency [9][10]. - The company is transitioning from OEM/ODM to self-branded products, with over 80% of revenue now coming from its own brands [9][10]. - The integration of AI and smart technologies is being pursued to improve operational efficiency [9][10]. Profit Forecast and Valuation - The company is projected to achieve net profits of 3.8 billion CNY, 4.5 billion CNY, and 5.4 billion CNY for the years 2025 to 2027, with corresponding EPS of 1.79 CNY, 2.16 CNY, and 2.60 CNY [10][11]. - The report compares Kefu Medical with peers like Yuyue Medical and Lixin Medical, affirming its positive growth trajectory across its business lines [10][11].
可孚医疗（301087）：深度研究报告：深耕家用医疗器械，经营趋势向好