【深圳商报讯】（首席记者刘琼）端午假期为深圳"以旧换新"再添一把火。记者从深圳市商务局获悉， 端午期间通过"以旧换新"线上线下销售家电和数码产品30.2万台，带动销售额6.9亿元，较节前日均销售 额增长40%左右。截至6月2日，今年深圳通过"以旧换新"带动汽车、家电数码销售额达324.9亿元。 端午期间，家电和数码方面，深圳优势产品显示出强劲的消费潜力。据统计，销售数量排名靠前的产品 包括手机（超5.8万部）、智能手表手环（超2.1万个）、智能运动装备（约1.3万台）、平板（约1.25万 台）、烹饪机（约1万台）；与假期前日均销售额相比，投影仪、家用个人健康监测产品等深圳优势产 品销售额分别增长0.6倍和4.5倍。 汽车消费更是火爆。5月31日—6月8日，2025粤港澳大湾区车展在深圳举办，车展前三日正逢端午假 期，带动人流量和客流量齐齐上涨。展会现场，国家"以旧换新"补贴，结合各大车企和品牌等叠加优惠 补贴，掀起市民购车换车热潮。据车展主办方统计数据，预计假期共有45万人次观众参观，成交预计40 亿元人民币，分别比上届增长27.84%和8.1%。预测本届车展总客流量和总成交额继续刷新历史纪录。 今年以来，深 ...

Core Viewpoint - The aging population in China, with over 310 million people aged 60 and above, is driving the growth of the silver economy, necessitating a multi-layered and comprehensive elderly care service system [2] Group 1: Aging Population and Economic Impact - The elderly population accounts for 22% of China's total population, indicating a significant market for elder care services and products [2] - The silver economy is emerging as a new growth area, with increasing consumer demand from the aging demographic [2] Group 2: Recommendations for Service Improvement - The government is encouraged to optimize policy support for community-based elderly care and home modifications for the elderly [2] - The association should establish industry standards for elderly-friendly product design and care service processes to enhance market professionalism [2] - Companies are advised to focus on refined services and develop smart health monitoring and elderly-friendly home products to cater to the needs of elderly individuals living alone [2] Group 3: New Business Models and Trends - The aging industry is seen as a crucial driver for economic transformation, with suggestions to integrate "elderly care + internet" and "elderly care + finance" [2] - New consumption scenarios such as "elderly study tours" and "health and wellness vacations" are recommended to be explored [2] - There is a call for academic institutions to enhance research on elderly technology and chronic disease management [2] Group 4: Future Directions and International Collaboration - The need for proactive planning to serve younger elderly individuals is emphasized, including the establishment of a 15-minute elderly care service circle and the development of smart elderly devices and telemedicine systems [2] - The adoption of 5G, AI, and IoT technologies in elderly services is encouraged [2] - Learning from international experiences and promoting Chinese elderly-friendly products globally is suggested [2] Group 5: Key Initiatives by the Association - The association plans to focus on six key areas: bridging policies and enterprises, promoting standardization, fostering technological innovation, enhancing talent development, building industrial parks, and hosting international exhibitions [3] - The aim is to create a high-quality development landscape for the aging industry, ensuring that every elderly person can enjoy a dignified, happy, and quality life [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's core products are experiencing steady growth, while short-term profits are under pressure due to the performance of the hearing aid segment [5][7] - The company is expected to focus on core products and self-manufactured items, with a rich product pipeline that is likely to enhance profitability in the future [7] Financial Performance Summary - For 2023, the company reported revenue of 2,854 million RMB, with a year-on-year decline of 4.14%. The net profit attributable to the parent company was 254 million RMB, down 15.71% year-on-year [6] - Revenue is projected to grow to 3,495 million RMB in 2025, representing a year-on-year increase of 17.15%. The net profit is expected to reach 376 million RMB, with a growth rate of 20.45% [6][8] - The gross margin for 2024 is reported at 51.9%, an increase of 8.6 percentage points year-on-year, with significant improvements in the rehabilitation aids segment [7] Business Segment Performance - The rehabilitation aids segment achieved revenue of 1.1 billion RMB, up 42.8% year-on-year. The traditional Chinese medicine therapy and other segments generated 180 million RMB, up 20.5% year-on-year [7] - The hearing aid segment reported revenue of 270 million RMB, a year-on-year increase of 37.9%, but also faced a net loss of 43.25 million RMB due to a challenging consumer environment and new store performance [7] Profitability and Valuation - The company is expected to see net profits of 3.8 billion RMB, 4.5 billion RMB, and 5.4 billion RMB from 2025 to 2027, with growth rates of 20.4%, 20.2%, and 20.6% respectively [7] - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 19X, 16X, and 13X respectively [7]

【深圳商报讯】（首席记者刘琼）深圳假日经济活力十足。5月8日，记者从深圳市商务局获悉，5月1日 至5日，全市重点监测商圈线下客流总量达1450.1万人次，较去年同期增长15.3%。 数据显示，5月1日至5日，全市重点监测商圈线下客流总量达1450.1万人次，比去年同期增长15.3%。分 商圈来看，深圳壹方天地购物中心、深圳水贝商圈、欢乐海岸街区、福田CBD商圈客流增长较快，同 比分别增长75.1%、71.2%、36.5%和30.7%。 深圳以旧换新叠加各类优惠，进一步拉动假日消费。据市商务局数据，"五一"假期期间，家电数码通过 以旧换新线上线下销售家电和数码产品近48万台，带动销售7.8亿元，较节前日均销售增长30%左右。 销售数量排名靠前的产品包括电风扇（10万台）、手机（超8.5万台）、智能运动装备（5.5万台）、空 调（4.2万台）、智能手表（2.5万台）；与假期前日均销售相比，投影仪、家用个人健康监测产品等深 圳优势产品销售分别增长1.2倍和4.7倍。 深圳各汽车企业围绕汽车"两新"政策，以及各区政策和汽车品牌优惠，举办了大型集中式汽车促销车展 活动。经统计，假期5天，深圳市汽车销售行业新车销售订单量 ...

相关研究 [Table_OtherReport] 销售毛利率逐季提升，长期成长可期 核心品类同比增 30%+, 盈利能力提升 可期 五大产品线均衡发展, 听力保健成长 可期 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] 聚焦核心品类，结构调整提升盈利能力 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 可孚医疗(301087) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | | 执业编号：S1500523080002 | | | --- | --- | | [Table_Author] 唐爱金 邮 | 医药行业首席分析师 箱：tangaijin@cindasc.com | 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com [Table_ReportDate] 2025 年 05 月 05 日 [Table_S 事件：公 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 可孚医疗(301087) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | | 执业编号：S1500523080002 | | | --- | --- | | [Table_Author] 唐爱金 邮 | 医药行业首席分析师 箱：tangaijin@cindasc.com | 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 销售毛利率逐季提升，长期成长可期 核心品类同比增 30%+, 盈利能力提升 可期 五大产品线均衡发展, 听力保健成长 可期 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] 聚焦核心品类，结构调整提升盈利能力 [Table_ReportDate] 2025 年 05 月 05 日 [Table_S 事件：公 ...

可孚医疗 20250428 摘要 • 2024 年公司净利润同比增长 36.74%至 2.75 亿元，经营活动现金流增长 68.45%至 6.63 亿元，综合毛利率提升至 51.86%。公司维持高分红政策， 年度现金分红总额达 3.66 亿元，显示了良好的盈利能力和对股东的回报。 • 2024 年主营业务收入 28.42 亿元，线上渠道占比 66%，线下渠道占比 28%。康复辅具、医疗护理和健康监测为主要收入来源，分别占比 37%、26.86%和 6.39%。线上渠道的强势表现，尤其是抖音、快手等兴 趣电商，成为增长亮点。 • 2025 年一季度营收同比下降 8%至 7 亿元，归母净利润同比下滑 9%至 0.9 亿元。医疗护理和健康监测品类实现超过 10%的增长，而康复辅助和 呼吸支持类产品则出现下降，尤其是呼吸支持类产品降幅接近 50%。 • 公司深化核心品类战略，优化资源配置，提升运营效率。助听器、口腔护 理和耳鼻喉护理等核心品类持续增长，成为业绩主要驱动力。通过价值链 管理协同降本增效，强化供应链管理体系，巩固核心品类竞争优势。 • 公司积极参与国家补贴政策，参与国补的品类在补贴期间整体业绩有明显 增长 ...