Investment Rating - The report gives a "Buy" investment rating for the company, with projected revenue growth and profitability improvements from 2023 to 2025 [47]. Core Insights - The company has a strong focus on self-produced products, with an increasing self-production rate expected to enhance gross margins [14][51]. - The aging population presents significant market potential for hearing aids, with low penetration rates indicating room for growth [20][37]. - The company has established a comprehensive product line across five major areas: health monitoring, rehabilitation aids, respiratory support, medical care, and traditional Chinese medicine therapy [53]. Summary by Sections Self-Produced Products - The company has a self-production rate exceeding 60% for key products like blood pressure monitors and care beds, with expectations for further increases [1][14]. - The self-production rate for proprietary brand products reached 62.97% in 2020, with projections for 2023 to be around 55% [16][51]. Hearing Aids Market - The global hearing loss population is projected to grow significantly, with a current penetration rate of only 5% in China, indicating substantial market opportunities [37][43]. - The company is well-positioned to capitalize on this growth due to its expanding retail presence and product offerings [4][20]. Revenue Growth - The company’s revenue from health monitoring products reached 777 million yuan in 2020, driven by increased demand for infrared thermometers during the pandemic [27]. - Medical care product revenue surged to 849 million yuan in 2020, reflecting a 182% year-over-year increase due to heightened demand during the COVID-19 pandemic [21][22]. Rehabilitation Aids - The rehabilitation aids segment, including wheelchairs and hearing aids, saw revenue of 321 million yuan in 2019, with a recovery expected post-pandemic [29][33]. - The company’s expansion in the hearing aid market through retail outlets is anticipated to drive future sales growth [4][29]. Financial Projections - The company is expected to achieve revenues of 2.87 billion yuan in 2023, with a projected growth rate of 18.6% in 2024 and 29.7% in 2025 [47][48]. - The net profit for 2023 is forecasted at 274 million yuan, with significant growth expected in subsequent years [47].
公司深度报告：自产率持续提升，听力保健助力公司成长