证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 美好医疗(301363) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 信心 下游去库影响消退，多项新业务助力 成长 下游去库进入尾声，24Q2 营收恢复增 长 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 短期承压，新业务起量，长期成长可期 [Table_ReportDate] 2025 年 08 月 21 日 [Table_S 事件：公司发布 ummary] 2025 年中期报告，2025 年上半年实现营业收入 7.33 亿元 （yoy+3.73%），归母净利润 1.1 ...

Core Viewpoint - The company, Desay SV, is experiencing a decline in stock price while showing significant growth in revenue and net profit for the first half of 2025 [1] Group 1: Financial Performance - The company reported a revenue of 14.644 billion yuan for the first half of 2025, representing a year-on-year increase of 25.25% [1] - The net profit for the same period was 1.223 billion yuan, reflecting a year-on-year growth of 45.82% [1] Group 2: Market Activity - The stock price of Desay SV is currently at 108.96 yuan, down by 0.23 yuan from the previous trading day [1] - The trading volume on the day reached 895 million yuan, with a fluctuation of 1.93% and a turnover rate of 1.48% [1] Group 3: Institutional Engagement - On August 14, the company hosted a research meeting with several institutions, including APS Asset Management and Goldman Sachs Asset Management [1] - During the meeting, it was disclosed that new project orders have an annualized sales value exceeding 18 billion yuan, and plans for overseas production capacity in Germany have been initiated [1] - Over the past year, the company has received a total of 605 institutional research visits, totaling 881 times [1] Group 4: Capital Flow - On August 15, there was a net outflow of 16.2119 million yuan from major funds, with a total net outflow of 275 million yuan over the past five days [1]

Core Viewpoint - CATL's IPO in Hong Kong has garnered significant interest, with a subscription rate of 21 times, raising a total of HKD 51.7 billion in financing [3][4]. Group 1: IPO Details - The global offering includes 118 million shares, with a maximum price of HKD 263, potentially raising a net amount of approximately HKD 30.7 billion [3]. - The Hong Kong public offering accounts for 884,200 shares, approximately 7.5% of the total offering, while the international offering comprises 109 million shares, about 92.5% [3]. - If the overallotment and greenshoe options are fully exercised, the net fundraising could reach HKD 40.6 billion, making it the largest IPO in the Hong Kong market by 2025 [4]. Group 2: Investment and Market Response - The IPO is expected to raise around USD 4 billion, equivalent to approximately HKD 31 billion, with over 20 cornerstone investors committing around USD 2.628 billion, or HKD 20.371 billion [7]. - Major cornerstone investors include Sinopec, KIA, and Hillhouse Capital, each investing USD 500 million, along with other notable firms [7]. - Institutional investors have fully subscribed to the 109 million shares available in the international offering [8]. Group 3: Shareholding Structure - Prior to the global offering, CATL's total issued shares in A-shares were 4.403 billion, with key shareholders including Zeng Yuqun and Huang Shilin [9]. - Post-offering, if all options are exercised, Zeng Yuqun's shareholding will decrease to 22.66%, while other major shareholders will also see a reduction in their stakes [9][10]. Group 4: Use of Proceeds - 90% of the funds raised from the IPO will be allocated to overseas projects, particularly the first and second phases of the Hungary project [11]. - CATL is actively advancing its overseas production capacity, with significant investments in projects in Hungary and Indonesia, totaling approximately CNY 3.88 billion and CNY 4.6 billion respectively [12]. - The company aims to counteract slowing domestic demand and price declines by accelerating overseas factory construction [14].

Core Viewpoint - The company reported a decline in annual revenue and net profit for 2024, but showed significant quarter-on-quarter recovery in Q4 2024 and Q1 2025, driven by recovering customer demand and overseas orders [1][2]. Financial Performance - In 2024, the company achieved revenue of 443 million yuan (YoY -5.90%) and a net profit of 135 million yuan (YoY -7.11%), with a non-net profit of 129 million yuan (YoY -5.26%) [1]. - For Q4 2024, revenue was 124 million yuan (YoY +31.59%), net profit was 38 million yuan (YoY +37.92%), and non-net profit was 40 million yuan (YoY +57.44%) [1]. - In Q1 2025, revenue reached 147 million yuan (YoY +24.86%), net profit was 47 million yuan (YoY +21.45%), and non-net profit was 46 million yuan (YoY +26.89%) [1]. Business Segments - The medical endoscope business in 2024 generated revenue of 345 million yuan (YoY -7%), influenced by customer order demand and product structure adjustments [2]. - The optical products segment reported revenue of 95 million yuan (YoY -1.8%) [2]. - The company is launching new products, including a 4mm hysteroscope and various endoscopes, which are expected to enhance overseas business growth [2]. Strategic Initiatives - The company is enhancing its overseas production capabilities, with successful certifications for its U.S. subsidiary and the establishment of production capacity in Thailand [3]. - Collaboration with U.S. clients on next-generation systems is expanding the product range into various medical fields [3]. Profit Forecast - Revenue projections for 2025-2027 are 552 million yuan, 676 million yuan, and 812 million yuan, with respective growth rates of 24.64%, 22.54%, and 20.00% [3]. - Net profit forecasts for the same period are 187 million yuan, 234 million yuan, and 283 million yuan, with growth rates of 38.00%, 25.50%, and 20.92% [3].

Core Viewpoint - The company reported a revenue of 362.01 billion yuan for 2024, a year-on-year decrease of 9.7%, while achieving a net profit attributable to shareholders of 50.75 billion yuan, a year-on-year increase of 15.0% [1] Financial Performance - In Q4 2024, the company achieved a revenue of 102.97 billion yuan, a year-on-year decrease of 3.1%, but a quarter-on-quarter increase of 11.6%. The net profit attributable to shareholders was 14.74 billion yuan, a year-on-year increase of 13.6% and a quarter-on-quarter increase of 12.2% [1] - For Q1 2025, the company reported a revenue of 84.71 billion yuan, a year-on-year increase of 6.2%, but a quarter-on-quarter decrease of 17.7%. The net profit attributable to shareholders was 13.96 billion yuan, a year-on-year increase of 32.9% [1] Profitability and Cost Control - The company maintained stable profitability with a gross profit margin of 24.4% and a net profit margin of 14.9% for 2024, reflecting year-on-year increases of 1.5 percentage points and 3.3 percentage points, respectively [2] - In Q1 2025, the gross profit margin was 24.4%, while the net profit margin increased to 17.5%, showing a year-on-year increase of 3.5 percentage points [2] - The company effectively controlled its expense ratios, with sales, management, R&D, and financial expense ratios for 2024 at 1.0%, 2.7%, 5.1%, and -1.1%, respectively [2] Market Position and Product Innovation - The company maintained a leading market share with a sales volume of 381 GWh for power battery systems in 2024, a year-on-year increase of 18.85%, achieving a global market share of 37.9% [3] - The sales volume for energy storage battery systems reached 93 GWh, a year-on-year increase of 34.32%, with a global market share of 36.5% [3] - The company launched innovative products such as the Tianheng energy storage system and the Shenxing Plus battery, enhancing its competitive edge [3] Capacity Expansion and International Development - The company has a current capacity of approximately 676 GWh, with an additional 219 GWh under construction [3] - The German factory's capacity is gradually increasing, and the company has received dual certification from the Volkswagen Group for module testing and cell testing laboratories [3] - Ongoing projects in Hungary, a joint venture factory in Spain with Stellantis, and the Indonesian battery supply chain project are expected to enhance product profitability [3] Earnings Forecast and Investment Recommendation - The company is projected to have EPS of 14.27 yuan, 17.89 yuan, and 22.34 yuan for 2025-2027, with corresponding PE ratios of 16x, 13x, and 10x [4] - The steady release of overseas capacity and the continuous launch of new products are expected to lead to a higher dividend payout ratio, maintaining a "buy" rating [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 1 billion yuan in Q1 2025, reflecting a year-on-year growth of 21.3%, while the net profit attributable to shareholders decreased by 5.0% to 80 million yuan [1] - The company is expanding its overseas production capacity, with plans to raise up to 1.524 billion yuan through a private placement to enhance its competitive strength [2] - The gross margin for Q1 2025 was 15.8%, down by 1.6 percentage points year-on-year, and the net margin was 8.1%, down by 2.2 percentage points [1][2] Financial Performance Summary - Revenue is projected to grow from 2.775 billion yuan in 2023 to 7.422 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 20.3% [4] - The net profit attributable to shareholders is expected to increase from 322 million yuan in 2023 to 721 million yuan in 2027, with growth rates of 7.9%, 27.5%, 15.0%, 24.5%, and 22.7% for the respective years [4] - The earnings per share (EPS) is forecasted to rise from 0.87 yuan in 2023 to 1.94 yuan in 2027 [4] Investment Strategy - The company aims to optimize its domestic and overseas production layout, focusing on the construction of new facilities in Thailand and Vietnam to enhance its product offerings [2] - The report anticipates a steady increase in net profit for the years 2025 to 2027, with expected figures of 4.7 billion yuan, 5.9 billion yuan, and 7.2 billion yuan respectively [2]