东方证券研报指出，鱼跃医疗家用医疗器械龙头，布局广阔。公司核心业务涵盖四大领域：呼吸制氧、 血糖及POCT、家用健康检测、临床器械及康复。公司新品布局围绕全球化、数字化和可穿戴化进行， 同时，公司积极研发AI智能穿戴医疗设备，基于公司在医疗领域的技术积累，将建设"监测-预警-干 预"全链条管线。2025年初，公司与Inogen签署《战略合作协议》。Inogen为一家美国呼吸制氧业务企 业，拥有广泛的欧美销售渠道，预计将与公司优势互补，实现协作共赢。公司业务现已逐步回归疫情后 的常态化、可持续发展轨道，作为国内家用医疗器械龙头，公司内生外延并举，产品线不断丰富，渠道 持续开拓，长期空间广阔。根据可比公司2025年平均估值，给予公司2025年24倍PE，对应目标价48.24 元，首次给予"买入"评级。 来源:金融界AI电报 ...

Core Viewpoint - Yuyue Medical is a leading player in the home medical device sector with a broad layout, focusing on four main areas: respiratory oxygen, blood glucose and POCT, home health monitoring (such as electronic blood pressure monitors), and clinical devices and rehabilitation [1] Group 1: Business Overview - The company's core business encompasses four major fields: respiratory oxygen, blood glucose and POCT, home health monitoring, and clinical devices and rehabilitation [1] - The company is actively developing AI smart wearable medical devices, leveraging its technological accumulation in the medical field to establish a comprehensive "monitoring-warning-intervention" pipeline [1] Group 2: Strategic Partnerships - In early 2025, the company signed a strategic cooperation agreement with Inogen, a US-based respiratory oxygen business with extensive sales channels in Europe and America, aiming for complementary advantages and collaborative win-win outcomes [1] Group 3: Market Position and Growth Potential - The company's business is gradually returning to a normalized and sustainable development track post-pandemic, positioning itself as a domestic leader in home medical devices [1] - The company is pursuing both organic growth and external expansion, continuously enriching its product line and expanding its channels, indicating significant long-term growth potential [1] Group 4: Valuation and Investment Rating - Based on comparable companies' average valuation for 2025, the company is assigned a 24 times PE ratio, corresponding to a target price of 48.24 yuan, with an initial "buy" rating [1]