Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance is currently under pressure due to capacity transfer, but there is potential for new business expansion [1][2] - The core business, which includes home respiratory devices and cochlear implant components, has experienced short-term revenue declines due to capacity transfer to Malaysia and export controls [2] - Despite the challenges, the company has stable relationships with key customers and is developing next-generation products [2] - New product revenues are growing rapidly, with other medical components seeing a 54.4% year-on-year increase and home and consumer electronics components up 35.7% year-on-year [2] - The company is making progress in global expansion, particularly in blood glucose management projects and new customer acquisitions [3] - The company has established a production base in Malaysia, with plans for further capacity expansion expected to be operational by the end of 2025 [3] Financial Summary - For the first half of 2025, the company reported revenue of 733 million yuan, a year-on-year increase of 3.73%, and a net profit attributable to shareholders of 114 million yuan, a year-on-year decrease of 32.44% [1] - The revenue from core home respiratory components was 436 million yuan, down 2.76% year-on-year, while cochlear implant components generated 60 million yuan, down 7.53% year-on-year [2] - The company has adjusted its net profit forecasts for 2025-2027 to 361 million, 468 million, and 564 million yuan, respectively, reflecting a downward revision of 18.6%, 13.2%, and 14.1% [3] Valuation Metrics - The company is projected to have a revenue growth rate of 12.95% in 2025, with a net profit margin of 20.0% [4] - The estimated P/E ratio for 2025 is 37, and the P/B ratio is 3.5 [4][12]
美好医疗（301363）：业绩受产能转移影响短期承压，期待新业务拓展潜力