Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Views - The company's performance is under short-term pressure in 2024, but increased R&D investment is expected to build long-term advantages [2][6] - The company reported a revenue of 744 million yuan in 2024, a year-on-year decrease of 0.17%, and a net profit attributable to shareholders of 103 million yuan, down 54.68% year-on-year [6][9] - The company is focusing on the rehabilitation sector, which has significant long-term potential despite short-term profit pressures due to rising expense ratios [6][9] Financial Performance Summary - In 2024, the company achieved a revenue of 744 million yuan, with a year-on-year change of -0.17% [6][11] - The net profit attributable to shareholders was 103 million yuan, reflecting a year-on-year decline of 54.68% [6][11] - The company’s gross margin was 67.42%, down 1.20 percentage points year-on-year, and the net margin was 13.83%, down 16.82 percentage points year-on-year [6][11] - R&D expenses increased by 42.41% year-on-year to 152 million yuan, representing 20.45% of total revenue [6][11] Revenue Breakdown - Revenue from rehabilitation therapy equipment was 504 million yuan, up 9.85% year-on-year [6][9] - Revenue from rehabilitation training equipment was 165 million yuan, down 19.89% year-on-year [6][9] - Revenue from rehabilitation assessment equipment was 27.62 million yuan, down 21.92% year-on-year [6][9] Future Projections - Revenue projections for 2025, 2026, and 2027 are 848 million yuan, 972 million yuan, and 1.121 billion yuan, respectively, with growth rates of 14.1%, 14.6%, and 15.3% [8][11] - Net profit projections for the same years are 151 million yuan, 194 million yuan, and 251 million yuan, with growth rates of 46.5%, 28.8%, and 29.3% [8][11] - The expected EPS for 2025, 2026, and 2027 are 0.94 yuan, 1.21 yuan, and 1.57 yuan, respectively [8][11]

Group 1 - Xiangyu Medical is actively engaged in the fields of rehabilitation robots and brain-computer interfaces, focusing on four directions: movement, therapy, assessment, and nursing [1] - The company has over 20 ongoing projects related to rehabilitation robots, with a portable exoskeleton walking robot expected to obtain certification within the year [1] - Xiangyu Medical has established the Sun-BCI Lab for brain-computer interfaces, covering four product categories, with some products expected to receive certification in the second half of the year [1] Group 2 - The National Healthcare Security Administration has released a guideline for pricing projects related to neurological medical services, supporting the realization of high-level medical technology value [1] - Hubei province has taken the lead in implementing specific pricing, providing a reference template for other regions [1] - The company possesses core algorithm intellectual property and has independently developed high-precision multimodal brain-computer interface rehabilitation devices [1] Group 3 - Xiangyu Medical's testing and inspection center is equipped with advanced testing equipment, offering one-stop testing services [1] - The company also provides rehabilitation equipment for children and multidisciplinary pelvic floor products [1] - The company is scheduled to disclose its first-quarter report for 2025 on April 25 [1]