er 医疗器械产业链 上游 中游 下游 电子元件 高值医用耗材 医院 骨科植入、血管介入、神经外科、 眼科、口腔、血液净化、电生理与 为大型医疗设备提供电子元件 公立/民营医院;一级、二 电路板、芯片等电子零部件 级、三级、未定级医院。 原材料 低值医用耗材 基层医疗卫 医用卫生材料及敷科类、注射穿刺 类、医用高分子材料类、医用消毒 类、麻醉耗材类、手术室耗材类医 、 生机构 如橡胶、塑料、电子、钢铁、 紧固件、有色金属等特殊材料 包括乡镇卫生院、诊所、 村卫生室等。 软件系统 医疗设备 专业公共工 功能程序化软件、诊断图象处 理软件、诊断数据处理软件等 医用医疗设备和家用医疗设备 生机构 新兴技术 IVD (体外诊断) 包含疾控中心、妇幼保健 机构等 人工智能、物联网等新兴科技 技术在医疗器械领域应用。 体外诊断仪器和体外诊断试剂两大 部分。 其他 e 医疗器械市场规模 根据QYResearch的研究统计,2024年全球医疗器械规模达到了6358亿美元。预测,2031年全球医疗器械规模将 达到9098亿美元。2025-2031的复合增长率是5.1% 10000000 16.00% ■ 全球医疗器械市场规模（ ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][4][23]. Core Insights - The company reported a revenue of 4.264 billion yuan in 2024, reflecting a growth of 3.32%, while the net profit attributable to shareholders increased significantly by 94.14% to 385 million yuan [2][4]. - In Q1 2025, the company achieved a revenue of 992 million yuan, a year-on-year increase of 2.87%, but the net profit decreased by 30.19% to 51 million yuan [2][4]. - The company has expanded its distribution channels, covering nearly 9,000 hospitals across China and achieving a 99% coverage rate in the top 100 chain pharmacies [8]. Financial Performance Summary - **2024 Financials**: Total revenue was 4.264 billion yuan, with a net profit of 385 million yuan. The core business revenue, excluding isolation protective products, grew by 15.80% [4][8]. - **2025 Projections**: Expected revenue growth of 12.6% to 4.8 billion yuan, with net profit projected to reach 439 million yuan, a 14% increase [4][9]. - **Earnings Per Share (EPS)**: Projected EPS for 2025 is 1.65 yuan, with a price-to-earnings (P/E) ratio of 12 [4][9]. Market Expansion - The company has seen robust growth in both domestic and international markets, with overseas revenue reaching 2.475 billion yuan in 2024, a 14.64% increase [8]. - The company has established an international marketing center and is making inroads into North and South American markets [8]. Investment Recommendations - The report adjusts the net profit forecast for 2025-2027 to 440 million, 510 million, and 590 million yuan respectively, with corresponding P/E ratios of 12, 10, and 9 [8][9]. - A discounted cash flow (DCF) model estimates the company's overall valuation at 7.5 billion yuan, leading to a target price of approximately 28 yuan per share [8].