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 ...

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 ...

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].

Core Viewpoint - The recent financial report of Meihao Medical (301363) indicates a mixed performance with a slight increase in revenue but a significant decline in net profit, raising concerns about the company's financial health and operational efficiency [1][5]. Financial Performance - Total revenue for the first half of 2025 reached 733 million yuan, a year-on-year increase of 3.73% [1]. - Net profit attributable to shareholders was 114 million yuan, down 32.44% compared to the previous year [1]. - In Q2 2025, total revenue was 437 million yuan, reflecting a 2.86% increase year-on-year, while net profit dropped 43.83% to 62.43 million yuan [1]. - The gross margin decreased to 37.52%, down 8.56% year-on-year, and the net margin fell to 15.6%, a decline of 34.87% [1]. - The company's receivables accounted for 99.43% of the latest annual net profit, indicating potential liquidity issues [3]. Expense Analysis - Total sales, management, and financial expenses amounted to 65.14 million yuan, representing 8.89% of revenue, an increase of 84.45% year-on-year [1]. - Significant increases in sales and management expenses were attributed to rising compensation and share-based payment costs, with sales expenses up 55% and management expenses up 44.49% [2]. Cash Flow and Debt - Operating cash flow per share decreased to 0.20 yuan, down 54.17% year-on-year, indicating challenges in cash generation [1]. - The company’s interest-bearing debt surged by 716.66% to 37.43 million yuan, raising concerns about financial leverage [1]. Business Development - The company is focusing on long-term strategic development in emerging sectors such as blood glucose management and cardiovascular health, despite short-term financial pressures [5]. - Revenue from the home and consumer electronics components segment grew by 35.69%, while other medical product components saw a 54.41% increase [5]. Investment Sentiment - Several funds have increased their holdings in Meihao Medical, indicating a positive outlook from institutional investors [4]. - The largest fund holding the company is the Rongtong Health Industry Flexible Allocation Mixed A/B, with a scale of 2.074 billion yuan and a recent net value of 2.966 [4].

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 733 million yuan in the first half of 2025, representing a year-on-year growth of 3.73%, while the net profit attributable to shareholders decreased by 32.44% [7] - The company is experiencing a decline in major business areas, but other medical product components are growing rapidly, with home respiratory machine components generating 436 million yuan in revenue, down 2.76% year-on-year, and home and consumer electronics components achieving 107 million yuan, up 35.69% year-on-year [7] - The blood glucose management product line is gradually contributing to revenue, with significant advancements in technology and production for insulin pens and continuous glucose monitoring devices [7] - The company expects to achieve revenues of 1.8 billion yuan, 2.122 billion yuan, and 2.5 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 379 million yuan, 449 million yuan, and 540 million yuan [7] Financial Performance Summary - The company reported a revenue of 1,338 million yuan in 2023, with a projected revenue growth rate of 19.2% in 2024 and 12.9% in 2025 [6][8] - The net profit for 2023 was 313 million yuan, with a projected net profit of 364 million yuan in 2024 and 379 million yuan in 2025, reflecting a net profit growth rate of 16.1% and 4.3% respectively [6][8] - The earnings per share (EPS) for 2023 was 0.77 yuan, expected to decrease to 0.67 yuan in 2025, with a PE ratio projected to decline from 47.8 in 2023 to 30.8 in 2025 [6][8]

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 ...

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]

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]

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]

Company Overview - Meihao Medical closed at 17.25 yuan on June 26, down 1.09%, with a rolling PE ratio of 27.44 times and a total market capitalization of 9.813 billion yuan [1] - The company operates in the medical device industry, which has an average PE ratio of 49.45 times and a median of 35.92 times, placing Meihao Medical at the 63rd position in the industry ranking [1] Shareholding Structure - As of the first quarter of 2025, 30 institutions held shares in Meihao Medical, including 24 funds, 4 others, and 2 insurance companies, with a total shareholding of 42.1394 million shares valued at 1.23 billion yuan [1] Business Operations - Meihao Medical specializes in the design, development, manufacturing, and sales of precision components and products for medical devices, including home ventilator components, cochlear implant components, and other medical product 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, Meihao Medical reported revenue of 296 million yuan, a year-on-year increase of 5.05%, and a net profit of 51.875 million yuan, reflecting a year-on-year decrease of 10.62%, with a gross profit margin of 39.28% [1]