证券研究报告 鱼跃医疗 (002223 CH) 海外业务亮眼，各板块恢复正增长 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 25 日│中国内地 | 医疗器械 | 目标价(人民币): | 58.85 | 公司 1H25 收入/归母净利润/扣非归母净利润 46.59/12.03/9.14 亿元，同比 +8.2%/+7.4%/-5.2% ； 2Q25 收 入 / 归母净利润 / 扣 非 归 母 净 利 润 22.23/5.78/4.01 亿元，同比+7.1%/+25.4%/-3.0%。1H25 新冠基数影响已 基本消化，各项业务增速均转正，海外业务收入持续快速增长，我们看好后 续核心业务收入增速进一步恢复，维持买入评级。 海外收入快速增长，呼吸制氧板块恢复增长趋势 1H25 公司国内收入 40.26 亿元，同比+5.7%；海外收入 6.07 亿元，同比 +26.6%，海外贡献收入占比达 13.0%，海外业务正逐步成为推动公司业绩 增长的重要动力之一。1H25 公司核心赛道表现不 ...

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].