YUYUE MEDICAL(SZ:002223) Guoxin Securities·2025-08-26 10:56Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company has returned to a growth trajectory in revenue and profit for the first half of 2025, achieving operating revenue of 4.659 billion yuan, a year-on-year increase of 8.2%, and a net profit attributable to shareholders of 1.203 billion yuan, up 7.4% year-on-year [1][8] - The recovery in the respiratory therapy business and strong performance in blood glucose management are key drivers of growth, with significant contributions from new product launches in continuous glucose monitoring (CGM) [2][3] Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 2.223 billion yuan, a year-on-year increase of 7.1%, and a net profit of 578 million yuan, up 25.4% year-on-year [1][8] - The sales expense ratio for H1 2025 was 17.4%, an increase of 3.1 percentage points, primarily due to higher marketing expenses for new products [1][18] - The gross margin for H1 2025 was 50.4%, with a net margin of 25.7%, indicating potential for further profit improvement as high-margin products gain traction [1][18] Business Segments - Revenue from respiratory therapy solutions reached 1.674 billion yuan, a 1.9% increase, with home ventilators growing over 40% year-on-year [2][21] - Blood glucose management and POCT solutions generated 674 million yuan, a 20.0% increase, driven by the launch of new CGM products [2][21] - The company’s overseas sales revenue grew by 26.6% to 607 million yuan, reflecting the expansion of its international marketing efforts [24] Future Outlook - The company is expected to maintain robust growth, with projected revenues of 8.631 billion yuan, 9.772 billion yuan, and 11.055 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 14.1%, 13.2%, and 13.1% [3][4] - Net profit forecasts for 2025, 2026, and 2027 are 2.013 billion yuan, 2.372 billion yuan, and 2.775 billion yuan, with growth rates of 11.5%, 17.9%, and 17.0% [3][4]