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美好医疗(301363):基石业务短期波动,新业务成长可期
Guoxin Securities· 2025-08-25 13:17
证券研究报告 | 2025年08月25日 美好医疗(301363.SZ) 优于大市 基石业务短期波动,新业务成长可期 2025 年上半年营收微增,利润端承压。2025 年上半年公司实现营收 7.33 亿元(+3.73%),归母净利润 1.14 亿元(-32.44%),扣非归母净利润 1.11 亿元(-32.08%)。其中 25Q2 单季营收 4.37 亿元(+2.86%),归 母净利润 0.62 亿元(-43.83%),扣非归母净利润 0.61 亿元(-42.69%)。 公司持续加大在新兴战略领域的投入及股份支付费用增加,利润端短期 承压。 基石业务短期波动,新业务高速增长。基石业务家用呼吸机组件(营收 4.36 亿元,同比下降 2.76%)和人工植入耳蜗组件(营收 0.60 亿元,同比下 降 7.53%)业务短期承压,估计系受产能向马来西亚转移及出口管制等 因素影响。但其他医疗产品组件(营收 0.76 亿元,同比+54.41%)和家 用及消费电子组件(营收 1.07 亿元,同比+35.69%)等新业务板块表现 亮眼。 毛利率下降,费用率提升。2025 年上半年公司毛利率 37.52%(-3.51pp), 主 ...
美好医疗收盘上涨14.49%,滚动市盈率49.02倍,总市值151.43亿元
Sou Hu Cai Jing· 2025-08-25 10:25
8月25日,美好医疗今日收盘26.62元,上涨14.49%,滚动市盈率PE(当前股价与前四季度每股收益总和 的比值)达到49.02倍,创85天以来新低,总市值151.43亿元。 来源:金融界 深圳市美好创亿医疗科技股份有限公司的主营业务是医疗器械精密组件及产品的设计开发、制造和销 售,为全球医疗器械企业提供从产品研发到批量交付的全流程一站式服务。公司的主要产品是家用呼吸 机组件、家用及消费电子组件、其他医疗产品组件、人工植入耳蜗组件。 最新一期业绩显示,2025年半年报,公司实现营业收入7.33亿元,同比3.73%;净利润1.14亿元,同 比-32.44%,销售毛利率37.52%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13美好医疗49.0241.634.21151.43亿行业平均 55.9155.975.14123.87亿行业中值40.3640.572.9759.83亿1九安医疗11.7511.890.93198.34亿2英科医疗 16.0417.291.43253.41亿3新华医疗16.2115.031.32103.92亿4山东药玻16.5416.591.90156.48亿5奥美医疗 16 ...
美好医疗(301363):业绩受产能转移影响短期承压,期待新业务拓展潜力
EBSCN· 2025-08-22 07:36
2025 年 8 月 22 日 公司研究 业绩受产能转移影响短期承压,期待新业务拓展潜力 ——美好医疗(301363.SZ)2025 半年报点评 要点 事件:公司披露半年度业绩,2025 年上半年公司实现营收 7.33 亿元(同比 +3.73%),归母净利润 1.14 亿元(同比-32.44%),扣非归母净利润 1.11 亿元 (同比-32.08%),剔除股份支付影响后归母净利润为 1.29 亿元。 点评: 基石业务短期波动,核心客户合作关系稳固。公司目前的基石业务是家用呼吸机 和人工植入耳蜗组件的开发制造和销售。25 年上半年,公司核心的家用呼吸机 组件实现收入 4.36 亿元(YOY-2.76%),人工植入耳蜗组件实现收入 0.60 亿元 (YOY-7.53%),业务因部分产能向马来西亚转移及出口管制(稀土管制导致出 口交付延迟、海关检验加强)影响,收入短期承压。但公司与核心客户合作关系 稳定,下一代产品已在开发中。此外,公司新产品组件收入仍在快速增长,其他 医疗组件业务收入同比增长 54.4%,家用及消费电子组件收入同比增长 35.7%, 反映了其在多元业务赛道布局卓有成效。展望 25Q4 及 26 年 ...
美好医疗(301363):短期承压,新业务起量,长期成长可期
Xinda Securities· 2025-08-21 07:22
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 ...
美好医疗(301363) - 301363美好医疗投资者关系管理信息20250819
2025-08-19 10:12
Financial Performance - In the first half of 2025, the company achieved revenue of 733 million CNY and a net profit attributable to shareholders of 114 million CNY, with a net profit of 129 million CNY after excluding share-based payment impacts [2] - The home and consumer electronics components segment saw a year-on-year revenue growth of 35.69%, while other medical product components experienced a 54.41% increase [2] Strategic Development - The company is focusing on long-term strategic development in emerging sectors such as blood glucose management, IVD, and cardiovascular fields, increasing investments in R&D, talent acquisition, and sales team development [2] - The company plans to enhance its strategic investments in emerging business areas and systematically advance the construction of professional talent teams and core technology capabilities [2] Overseas Expansion - The Malaysia Phase III project is expected to be completed by the end of the year, with production commencing based on customer demand [3] - The current capacity utilization rate at the Malaysia facility remains healthy, sufficient to meet existing customer needs [3] Mergers and Acquisitions - The company is actively pursuing mergers and acquisitions, focusing on industry chain collaboration, technology expansion, and global layout, with a dedicated investment and acquisition team in place [4] Product Development - The company has successfully delivered adjustable insulin injection pens to international clients and is expanding its customer base for GLP-1 products and CGM business [5] - The CGM products began mass delivery in Q2 2025, with expectations for gradual order release [5] Regulatory Compliance - The company is adapting to the increasing demand for localized supply chains due to deepening medical device procurement policies, collaborating with major clients under the MAH policy framework [6] Technological Innovation - The company is a strategic partner and core supplier for global cochlear implant manufacturers, actively monitoring developments in brain-computer interface (BCI) technologies [7] - In the robotics sector, the company is exploring development paths for humanoid robots and has begun small-scale supply of surgical robots to domestic and international clients [8]
美好医疗收盘上涨1.13%,滚动市盈率32.79倍,总市值117.24亿元
Sou Hu Cai Jing· 2025-08-12 10:05
深圳市美好创亿医疗科技股份有限公司的主营业务是医疗器械精密组件及产品的设计开发、制造和销 售。公司的主要产品是家用呼吸机组件、人工植入耳蜗组件、其他医疗产品组件、精密模具及自动化设 备、家用及消费电子组件。公司是国家级高新技术企业,国家知识产权优势企业,广东省制造业单项冠 军。 最新一期业绩显示,2025年一季报,公司实现营业收入2.96亿元,同比5.05%;净利润5187.50万元,同 比-10.62%,销售毛利率39.28%。 8月12日,美好医疗今日收盘20.61元,上涨1.13%,滚动市盈率PE(当前股价与前四季度每股收益总和 的比值)达到32.79倍,创50天以来新低,总市值117.24亿元。 从行业市盈率排名来看,公司所处的医疗器械行业市盈率平均57.51倍,行业中值41.25倍,美好医疗排 名第63位。 资金流向方面,8月12日,美好医疗主力资金净流入4124.51万元,近5日总体呈流入状态,5日共流入 8048.84万元。 来源:金融界 序号股票简称PE(TTM)PE(静)市净率总市值(元)13美好医疗32.7932.233.33117.24亿行业平均 57.5153.344.97120.28 ...
美好医疗收盘上涨7.17%,滚动市盈率31.86倍,总市值113.94亿元
Sou Hu Cai Jing· 2025-08-08 10:17
序号股票简称PE(TTM)PE(静)市净率总市值(元)13美好医疗31.8631.323.24113.94亿行业平均 55.7051.864.84117.31亿行业中值39.0838.492.8857.46亿1九安医疗11.1411.270.88188.05亿2英科医疗 15.5716.791.39246.03亿3山东药玻16.0616.111.85151.90亿4振德医疗16.3115.371.0459.21亿5新华医疗 16.4415.241.34105.38亿6奥美医疗17.0016.661.7561.43亿7九强生物17.7016.462.1787.65亿8维力医疗 18.1019.342.2842.44亿9奥泰生物18.4319.441.4958.79亿10康德莱18.7118.721.5540.32亿11鱼跃医疗 19.9619.582.70353.47亿12安图生物20.5219.592.64234.00亿 深圳市美好创亿医疗科技股份有限公司的主营业务是医疗器械精密组件及产品的设计开发、制造和销 售。公司的主要产品是家用呼吸机组件、人工植入耳蜗组件、其他医疗产品组件、精密模具及自动化设 备、家用 ...
美好医疗收盘下跌1.16%,滚动市盈率29.89倍,总市值106.89亿元
Sou Hu Cai Jing· 2025-07-23 11:04
Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Meihao Medical, indicating a decline in stock price and a relatively low PE ratio compared to the industry average [1][2] - As of the first quarter of 2025, Meihao Medical reported a revenue of 296 million yuan, reflecting a year-on-year increase of 5.05%, while net profit decreased by 10.62% to 51.875 million yuan [1] - The company operates in the medical device sector, focusing on the design, development, manufacturing, and sales of precision components and products, including home ventilator components and cochlear implant components [1] Group 2 - Meihao Medical's current PE ratio stands at 29.89, significantly lower than the industry average of 53.52 and the median of 37.14, ranking it 60th in the industry [2] - The total market capitalization of Meihao Medical is approximately 10.689 billion yuan, with 18 institutions holding a total of 17.6063 million shares valued at 311 million yuan [1][2] - The company is recognized as a national high-tech enterprise and a Guangdong provincial manufacturing champion, indicating its competitive position within the industry [1]
美好医疗收盘上涨3.83%,滚动市盈率29.78倍,总市值106.49亿元
Sou Hu Cai Jing· 2025-07-12 02:34
Group 1 - The core viewpoint of the articles highlights the performance and valuation of Meihao Medical, which closed at 18.72 yuan, up 3.83%, with a rolling PE ratio of 29.78, marking a new low in 28 days, and a total market capitalization of 10.649 billion yuan [1] - In comparison to the industry, Meihao Medical's PE ratio of 29.78 is significantly lower than the average PE ratio of 52.06 and the median of 37.22 within the medical device sector, ranking 66th among its peers [1][2] - As of June 30, 2025, Meihao Medical had 12,487 shareholders, an increase of 119 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares per shareholder [1] Group 2 - Meihao Medical specializes in the design, development, manufacturing, and sales of precision components and products for medical devices, including home ventilator components and cochlear implant components [1] - The latest quarterly report for Q1 2025 shows that the company achieved a revenue of 296 million yuan, a year-on-year increase of 5.05%, while net profit was 51.875 million yuan, reflecting a year-on-year decrease of 10.62%, with a gross profit margin of 39.28% [1]
美好医疗收盘上涨1.69%,滚动市盈率28.71倍,总市值102.68亿元
Sou Hu Cai Jing· 2025-07-04 10:22
Company Overview - Meihua Medical closed at 18.05 yuan, up 1.69%, with a rolling PE ratio of 28.71 times and a total market value of 10.268 billion yuan [1] - The company ranks 65th in the medical device industry, which has an average PE ratio of 51.05 times and a median of 36.62 times [1] - As of the first quarter of 2025, 30 institutions held shares in Meihua Medical, including 24 funds, 4 others, and 2 insurance companies, with a total holding of 42.1394 million shares valued at 1.23 billion yuan [1] Business Operations - Meihua Medical specializes in the design, development, manufacturing, and sales of precision components and products for medical devices [1] - The main products include home respiratory machine components, artificial cochlear components, other medical product components, precision molds, automation equipment, and home and consumer electronics components [1] - The company is recognized as a national high-tech enterprise and a national intellectual property advantage enterprise, as well as a champion in a specific manufacturing sector in Guangdong Province [1] Financial Performance - In the first quarter of 2025, Meihua Medical achieved an operating income of 296 million yuan, a year-on-year increase of 5.05% [1] - The net profit for the same period was 51.875 million yuan, reflecting a year-on-year decrease of 10.62% [1] - The sales gross margin stood at 39.28% [1]