呼吸机及耗材

Search documents
华鑫证券-瑞迈特-301367-公司动态研究报告:业绩符合预期,呼吸机一体化龙头全球战略持续推进-250927
Xin Lang Cai Jing· 2025-09-28 12:12
公司深耕呼吸健康领域医疗设备与耗材,全球竞争力稳步提升。2025年上半年公司海外收入为3.53亿元,同比增长61.33%。根据沙利文数据,2023年公司家用无创呼吸机在全球市场市占率为 ▌盈利预测 预测公司2025-2027年收入分别为10.13、12.68、16.10亿元,EPS分别为2.60、3.35、4.47元,当前股价对应PE分别为31.5、24.4、18.3倍。公司呼吸机及耗材市场地位领先,随着海 炒股就看金麒麟分析师研报,权威,专业,及时,全面,助您挖掘潜力主题机会! 投资要点 ▌业绩符合预期,毛利率稳步提升 2025年上半年,公司实现营业收入5.44亿元,同比增长42.3%;归母净利润1.31亿元,同比增长42.19%。公司2023、2024、2025H1的毛利率分别为46.14%、48.34%、52.17%,呈现稳步 ▌战略布局海外市场,耗材板块快速增长 2025年上半年,公司耗材实现收入1.78亿元,同比增长30.26%,实现快速增长。公司耗材业务国际化布局持续深耕,美国市场,公司自2023年便通过RH公司组建的专业耗材团队积极开展市场 ▌海外业务持续推进,全球市场地位稳步提升 ▌风险提示 ...
华鑫证券:首次覆盖瑞迈特给予买入评级
Zheng Quan Zhi Xing· 2025-06-29 14:20
Core Viewpoint - The report highlights that Ruimait (301367) has met performance expectations and is positioned to become a global leader in integrated respiratory devices, with a buy rating assigned for the first time [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 843 million yuan, a year-on-year decrease of 24.85%, and a net profit attributable to shareholders of 155 million yuan, down 47.74% year-on-year [1] - In Q1 2025, the company reported revenue of 265 million yuan, an increase of 38.11% year-on-year, and a net profit of 72 million yuan, up 44.11% year-on-year [1] - The gross profit margins for 2023, 2024, and Q1 2025 were 46.14%, 48.34%, and 49.57%, respectively, indicating a steady upward trend [1] Group 2: Consumables Business Growth - The consumables segment is expected to achieve continuous growth, with revenue of 284 million yuan in 2024, reflecting a year-on-year increase of 46.22% [2] - The company is actively promoting its consumables in the U.S. market through a specialized team and a strategy of distributing masks for free at sleep monitoring institutions to enhance brand recognition [2] - In Europe, a data-oriented subsidiary was established in France in 2023 to address reimbursement issues and attract more partnerships, further expanding market reach [2] Group 3: Market Position and Expansion - The company is deeply engaged in the respiratory health sector, with a global market share of 12.4% for home non-invasive ventilators, ranking second globally and first among domestic brands in China with a market share of 30.6% [3] - As of 2024, the company's products are sold in over 100 countries and regions, having obtained multiple certifications including NMPA, FDA, and CE, making it one of the few domestic manufacturers to enter the U.S. and European healthcare markets [3] - A five-year exclusive distribution agreement was signed with RH in July 2024 to further penetrate the North American market [3] Group 4: Profit Forecast - Revenue forecasts for 2025, 2026, and 2027 are projected at 1.013 billion yuan, 1.268 billion yuan, and 1.610 billion yuan, respectively, with corresponding EPS of 2.60 yuan, 3.35 yuan, and 4.47 yuan [4] - The current stock price corresponds to PE ratios of 30.7, 23.8, and 17.9 for the years 2025, 2026, and 2027, respectively, indicating a favorable investment outlook [4]