Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Views - The company has established itself as a leader in the respiratory device components sector and is recognized as the largest manufacturer of respiratory machines and cochlear implant components in China [1][3]. - The company has a strong focus on independent research and development, having obtained 205 domestic patents and 24 software copyrights by the end of 2022, which has helped it achieve international advanced standards in product lifespan and quality [3]. - Despite a slight decline in performance in 2023 due to inventory destocking by overseas clients, a recovery is anticipated in Q2 2024 as inventory levels normalize [3][86]. Summary by Sections 1. Company Overview - The company has been deeply engaged in the precision medical device industry for over a decade, focusing on independent R&D and leading in equipment and facility advantages [3][76]. - It has formed long-term partnerships with major global clients, contributing over 800 million yuan in revenue in 2023 [3][65]. 2. Market Demand and Competition - The global market for home respiratory machines is expected to reach approximately $5.6 billion by 2025, driven by a high patient base and low penetration rates in conditions like OSAHS and COPD [3][62]. - The company has established a solid competitive advantage through proprietary technology and long-term relationships with industry leaders [3][44]. 3. New Business Opportunities - The company is expanding into high-potential new business areas, leveraging its liquid silicone technology across various sectors, including medical, maternal and child care, food, and consumer electronics [3][76]. - Revenue from home and consumer electronics components has grown from 8.26 million yuan in 2019 to 150 million yuan in 2023, reflecting a CAGR of 106.5% [3]. 4. Financial Forecast and Investment Recommendations - Revenue projections for 2024-2026 are estimated at 1.63 billion, 1.98 billion, and 2.37 billion yuan, respectively, with expected growth rates of 22%, 21%, and 20% [3][90]. - The company is expected to maintain a strong profit growth trajectory, with net profits projected at 390 million, 490 million, and 610 million yuan for the same period, reflecting a consistent 25% growth rate [3][90].
美好医疗：呼吸机组件龙头，精密器械新星