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]

25Q1 环比改善，看好全年业绩修复 ——乐普医疗 2024 年报&2025 年一季报点评 核心观点 盈利预测与投资建议 伍云飞 wuyunfei1@orientsec.com.cn 执业证书编号：S0860524020001 香港证监会牌照：BRX199 ⚫ 根据 24 年报及 25 年一季报，我们下调收入及毛利率预测，我们预测公司 2025-2027 年 EPS 分别为 0.54/0.61/0.67 元（原预测 25-26 年 EPS 为 0.75、0.90 元）。根据可 比公司 2025 年平均估值，给予公司 2025 年 23 倍市盈率，对应目标价为 12.42 元， 维持给予"买入"评级。 风险提示 ⚫ 研发进展和新产品商业化不及预期；集采或者市场竞争加剧带来的冲击；大额计提 减值风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 7,980 | 6,103 | 6,835 | 7,378 | 7,968 | | 同比增长 (%) | ...