【华创医药】可孚医疗深度研究报告：深耕家用医疗器械，经营趋势向好

Core Viewpoint - The article highlights the positive growth trends and competitive strategies of Kefu Medical, a leading comprehensive home medical device company in China, emphasizing its dual-channel approach and diverse product offerings [3][4]. Group 1: Business Overview - Kefu Medical operates in five major areas: rehabilitation aids, medical care, health monitoring, respiratory support, and traditional Chinese medicine therapy, with a strong focus on personal health management [3][4]. - The company has nearly 10,000 product models and specifications, maintaining a leading position in the e-commerce index for medical devices [3]. Group 2: Business Lines Performance - Rehabilitation Aids: Continuous optimization and expansion into new areas like back support and hearing aids are expected to drive growth [4]. - Medical Care: Revenue growth is stabilizing as the impact of pandemic-related business gradually diminishes [4]. - Health Monitoring: The company is set to launch a new calibration-free CGM product in 2024, which is anticipated to be a market leader due to its performance and pricing [4]. - Respiratory Support: Transitioning from international brand agency to self-branded products, enhancing revenue potential [4]. - Traditional Chinese Medicine Therapy: Expected to recover as pandemic restrictions ease and policy support increases [4]. Group 3: Competitive Strategies - The company is enhancing its channel strategy with a balanced online (two-thirds) and offline (one-third) revenue distribution, covering major e-commerce platforms and a vast network of pharmacies [5]. - A multi-brand strategy is in place to cater to diverse market needs, with several sub-brands complementing the main brand "Kefu" [5]. - R&D capabilities are being strengthened to ensure efficient conversion of research outcomes into marketable products [5]. - The shift from OEM/ODM to self-owned brands is evident, with self-owned brand revenue exceeding 80% and self-produced products increasing from 22% in 2018 to 57% in 2023 [5]. - The company is leveraging AI and smart technologies to enhance operational efficiency across various functions [5].