爱博医疗：拟收购德美医疗51%股权，切入运医培育新增长点-20260122

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company plans to acquire a 51% stake in DeMei Medical, which is expected to become a new growth point in the medical training sector [8] - DeMei Medical is a leading brand in sports medicine in China, with a comprehensive product range covering pre-operative prevention, intra-operative treatment, and post-operative rehabilitation [8] - The acquisition is expected to directly contribute to profit growth, with DeMei Medical's projected net profits for 2026-2028 being 45 million, 55 million, and 65 million yuan, respectively, reflecting growth rates of 28.5%, 22.2%, and 18.2% [8] - The company is well-positioned for international expansion, with a sales network covering over 50 countries and a strong international presence [8] Financial Forecasts - Projected revenue for the company is expected to reach 1.41 billion yuan in 2024, growing to 2.17 billion yuan by 2027, with growth rates of 48.2%, 11.5%, 16.0%, and 19.2% for the respective years [2][9] - The net profit attributable to shareholders is forecasted to be 388 million yuan in 2024, increasing to 575 million yuan by 2027, with growth rates of 27.8%, 6.7%, 14.9%, and 20.7% [2][9] - Earnings per share are projected to rise from 2.01 yuan in 2024 to 2.97 yuan in 2027, with corresponding price-to-earnings ratios decreasing from 31 to 21 [2][9]