Core Viewpoint - The company reported significant declines in revenue and profit for 2024, reflecting operational pressures and strategic adjustments in various business segments [1][2][3] Financial Performance - In 2024, the company achieved revenue of 6.103 billion yuan, a decrease of 23.52%, and a net profit attributable to shareholders of 247 million yuan, down 80.37% [1] - The first quarter of 2025 saw revenue of 1.736 billion yuan, a decline of 9.67%, with a net profit of 379 million yuan, down 21.44% [1] - The gross margin for 2024 decreased by 3.36 percentage points to 60.88% due to policy impacts on the pharmaceutical sector and strategic adjustments in the medical device segment [1] Business Segment Analysis - The pharmaceutical segment reported revenue of 3.49 billion yuan for raw materials, down 14.99%, and 1.409 billion yuan for formulations, down 46.50% [1] - The medical device segment generated revenue of 3.326 billion yuan, reflecting a strategic shift and operational challenges [1][2] - The medical services and health management segment achieved revenue of 1.019 billion yuan, down 19.24%, with notable growth in the Hefei Cardiovascular Hospital [3] Strategic Focus and Innovation - The company is focusing on innovation and internationalization, with new products in the interventional device field receiving approval [4] - The R&D pipeline includes various medical products expected to contribute significantly to future revenue [4] Future Outlook - The company is positioned as a leading player in the cardiovascular sector, with strategic adjustments in the pharmaceutical business and a focus on consumer healthcare expected to drive growth [5] - Projected net profits for 2025-2027 are 999 million yuan, 1.197 billion yuan, and 1.415 billion yuan, representing substantial growth rates [5]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.42 CNY based on a 23x P/E ratio for 2025 [2][6]. Core Insights - The company is expected to recover its performance throughout the year, with a projected EPS of 0.54 CNY for 2025, down from previous estimates of 0.75 CNY [2][10]. - The company’s revenue for 2024 is forecasted at 6.1 billion CNY, reflecting a year-on-year decline of 23.5%, but is expected to grow by 12.0% in 2025 [4][10]. - The medical device segment showed resilience, with structural heart disease revenue increasing by 44.0% in 2024, while the overall medical device revenue decreased by 9.5% [10]. Financial Performance Summary - **2023A**: Revenue of 7.98 billion CNY, net profit of 1.26 billion CNY, and EPS of 0.67 CNY. - **2024A**: Revenue expected to drop to 6.1 billion CNY, net profit to 247 million CNY, and EPS to 0.13 CNY. - **2025E**: Revenue projected to recover to 6.83 billion CNY, net profit to 1.01 billion CNY, and EPS to 0.54 CNY [4][10]. - The gross margin is expected to stabilize around 62.2% in 2025, with a net margin of 14.8% [4][10]. Business Strategy and Outlook - The company focuses on innovation, consumer engagement, and internationalization, particularly in the cardiovascular sector [10]. - New product approvals in the cardiovascular intervention space and ongoing clinical trials for innovative drugs indicate a strong pipeline for future growth [10].

盈利预测与估值 考虑外部行业政策对于公司收入增速和毛利率的短期扰动，叠加公司多款新品上市积极强化产品推广， 我们预计25-27 年归母净利为10.03/11.56/13.31亿元（相比25/26 年前值调整-34%/-36%）。公司业务布局 丰富且国内外销售渠道覆盖较为完善，给予25 年24x PE 估值（可比公司Wind 一致预期均值23x），对 应目标价12.81 元（前值12.94 元，对应24 年19x PE）。 风险提示：产品销售不达预期，研发进度低于预期，产品招标降价。 公司24 年实现收入/归母净利/ 扣非归母净利61.03/2.47/2.21 亿元（yoy-23.5%/-80.4%/-80.3%），基本符 合业绩预告预期。公司24 年业绩下滑主因宏观环境及行业政策影响下，公司器械创新产品放量有所放 缓、药品零售终端发货短期显著下滑、健康管理板块发展策略调整，叠加公司计提商誉和其他特定资产 减值。若剔除相关减值影响，公司24 年扣非归母净利yoy-64.9%。公司1Q25 实现收入/归母净利/扣非归 母净利17.36/3.79/3.37亿元（yoy-9.7%/-21.4%/-26.1%），但环比 ...