美好医疗 20151223 摘要 美好医疗以医疗器械 CDMO 业务为主，战略方向包括血糖监测、IVD、 心血管及骨科等领域，并积极布局脑机接口和人形机器人等新兴业务。 公司利用在人工耳蜗组件制造方面的技术积累，延伸至脑机接口植入体 制造与代工，已取得一定规模收入，并计划在非侵入式、半侵入式及侵 入式脑机接口领域全面发力。 美好医疗具备全产业链精密制造能力，包括 NPI 开发、模具制造、注塑 和挤出工具生产，以及自主开发自动化设备的能力，并通过国际体系认 证及市场准入认证，确保产品质量。 公司研发投入占总营收的 9%左右，脑机接口产品研发主要集中在人工 耳蜗技术的转产和量产，人工耳蜗植入体毛利率在 60%-70%之间，脑 机接口产品参考此毛利水平。 美好医疗在材料学及生物相容性处理方面具有优势，是全球最大的人工 耳蜗上游供应商之一，并与海外头部企业（如 Neuralink）展开技术探 讨，未来或有合作机会。 Q&A 请介绍一下美好医疗的业务布局和发展方向。 美好医疗是一家专注于医疗器械的 CDMO 企业，业务主要分为三大板块。第一 是传统业务，包括呼吸机组件和人工耳蜗组件，这些产品的客户都是全球细分 领域的龙 ...

Core Insights - The company reported a revenue of 1.59 billion in 2024, representing a year-on-year increase of 19.1%, and a net profit attributable to shareholders of 360 million, up 16.11% year-on-year [1] - The company has ended its inventory reduction phase, with a return to high growth in performance [1] - The company has launched a new stock incentive plan, establishing ambitious revenue and profit targets for 2025-2027, reflecting strong confidence in long-term growth despite tariff challenges [1] Business Performance - In 2024, revenue from respiratory components reached 1.09 billion, up 26% year-on-year, while home consumer electronics generated 170 million, an 11% increase [1] - The company’s Q4 2024 revenue was 438 million, a significant year-on-year increase of 48.7%, with net profit soaring by 701% to 105 million [1] - The gross margin for the respiratory components business has continued to improve compared to 2023, indicating a stable upward trend in the main business [1] Growth Initiatives - The company is advancing its second growth curve with insulin injection pens and continuous glucose monitoring (CGM) systems, which are expected to significantly expand growth potential [2] - The insulin injection pen project has achieved large-scale production in 2024, and the company has completed core R&D for various types of injection pens [2] - The CGM component products are in the delivery preparation stage, targeting a global market worth 30 billion [2] Capacity Expansion - The company’s third-phase industrial base in Malaysia is expected to be operational by the end of 2025, ensuring sufficient production capacity [3] Profit Forecast - The company has adjusted its profit forecasts, expecting revenues of 2.09 billion, 2.61 billion, and 3.27 billion for 2025-2027, with respective year-on-year growth rates of 31%, 25%, and 25% [3] - Net profits are projected to be 490 million, 610 million, and 760 million for the same period, with growth rates of 35%, 25%, and 25% [3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a revenue of 1.594 billion in 2024, representing a year-on-year growth of 19.19%, with a net profit of 364 million, up 16.11% year-on-year [2][4] - The company is expanding its overseas production capacity, which highlights its supply chain advantages, with 87% of revenue coming from international markets [2] - The company is investing in new product development, with a focus on blood glucose management and cardiovascular technologies, which is expected to provide new growth drivers [2] - A new stock incentive plan has been introduced, reflecting the company's confidence in long-term growth [2] Financial Summary - In 2024, the company reported total revenue of 1.594 billion, with a net profit of 364 million, and a significant increase in cash flow from operating activities by 27.80% year-on-year [2][3] - The company forecasts revenue growth of 30.1%, 25.3%, and 23.1% for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 479 million, 601 million, and 741 million [4] - The gross margin is projected to remain stable around 42% over the next few years, with a return on equity (ROE) increasing from 10.5% in 2024 to 14.5% by 2027 [3][4]