格隆汇8月21日｜东方证券研报指出，美好医疗25H1归母净利润1.1亿元（同比-32.4%），其中公司基石 业务家用呼吸机组件实现收入4.4亿元（同比-2.8%），人工耳蜗组件实现收入0.6亿元（同比-7.5%）。 业绩表现不及预期，预计系地缘政治博弈背景下，为提高供应链稳定性，公司马来三期产业基地在建， 尚未投入量产，影响基石业务的订单交付节奏所致。由于公司呼吸机和人工耳蜗业务竞争力强，同时公 司产品管线持续丰富，新业务、新客户不断开发，长期空间广阔。根据可比公司2025年平均估值，给予 公司2025年36倍市盈率，对应目标价为24.48元，维持"买入"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 24.48 CNY, based on a projected 36 times price-to-earnings ratio for 2025 [4][6]. Core Insights - The company's revenue and gross margin forecasts have been revised downwards, with expected net profits for 2025-2027 at 391 million, 473 million, and 567 million CNY respectively, reflecting a long-term growth potential driven by strong competitiveness in respiratory and cochlear implant businesses [4][10]. - Despite a challenging performance due to geopolitical factors, the company has shown promising growth in emerging businesses, particularly in blood glucose management, which is anticipated to become a significant growth driver [10]. - The expansion of production capacity in Malaysia is expected to enhance supply chain stability and strengthen long-term relationships with international clients [10]. Financial Performance Summary - Revenue for 2023 is projected at 1,338 million CNY, with a year-on-year decline of 5.5%, followed by a recovery with expected growth rates of 19.2%, 18.6%, 18.2%, and 18.3% for the subsequent years [5][12]. - The gross margin is expected to stabilize around 41.5% to 41.8% from 2025 to 2027, while net profit margins are projected to decline slightly from 23.4% in 2023 to around 21.4% by 2027 [5][12]. - The company’s earnings per share are forecasted to increase from 0.55 CNY in 2023 to 1.00 CNY by 2027, indicating a positive trend in profitability [5][12].