Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [1][6]. Core Insights - The company's performance met expectations, with a steady increase in gross margin. In 2024, the company achieved a revenue of 843 million yuan, a year-on-year decrease of 24.85%, while the net profit attributable to shareholders was 155 million yuan, down 47.74%. However, in Q1 2025, revenue rose to 265 million yuan, reflecting a year-on-year growth of 38.11%, and net profit increased by 44.11% to 72 million yuan [3][6]. - The consumables business is experiencing steady growth, driven by a multi-regional strategic layout. In 2024, consumables revenue reached 284 million yuan, a year-on-year increase of 46.22. The company is actively promoting its consumables in the U.S. market and has established a subsidiary in France to expand its presence in Europe [4][5]. - The company is deepening its focus on the respiratory health sector, with its market position continuously improving. It holds a 12.4% market share in the global home non-invasive ventilator market, ranking second, and a 30.6% share in the domestic market, ranking first among domestic brands. The company has established sales coverage in over 100 countries and regions, obtaining multiple certifications [5][6]. Financial Forecast - The company is projected to achieve revenues of 1,013 million yuan, 1,268 million yuan, and 1,610 million yuan for the years 2025, 2026, and 2027, respectively. The earnings per share (EPS) are expected to be 2.60 yuan, 3.35 yuan, and 4.47 yuan for the same years. The current stock price corresponds to price-to-earnings (PE) ratios of 30.7, 23.8, and 17.9 times for 2025, 2026, and 2027, respectively [6][9].
瑞迈特（301367）：公司动态研究报告：业绩符合预期，打造全球呼吸机一体化龙头