Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company is expected to see a performance recovery throughout the year, with a projected EPS of 0.54, 0.61, and 0.67 for 2025-2027, respectively [2][10]. - The target price is set at 12.42 CNY, based on a 23x P/E ratio for 2025 [2][6]. Financial Performance Summary - For 2023, the company reported a revenue of 7,980 million CNY, which is a decrease of 24.8% year-on-year. The revenue is expected to recover to 6,835 million CNY in 2025, reflecting a growth of 12.0% [4][10]. - The net profit attributable to the parent company for 2023 was 1,258 million CNY, down 42.9% year-on-year, with a forecasted recovery to 1,010 million CNY in 2025, representing a growth of 309.1% [4][10]. - The gross margin is projected to be 62.2% in 2025, slightly improving from 60.9% in 2024 [4][10]. Business Segment Performance - In 2024, the medical device segment generated revenue of 33.3 billion CNY, down 9.5% year-on-year, while the structural heart disease business showed strong growth with a 44.0% increase [10]. - The pharmaceutical segment's revenue in 2024 was 17.6 billion CNY, a decline of 42.3% due to price governance impacts [10]. - The company is focusing on innovation and internationalization, with new products in the cardiovascular field and ongoing clinical trials for innovative drugs [10].

公司体外诊断业务产品线齐全，覆盖生化、免疫（化学发光）、分子、血液与凝血、POCT 等体外诊断各细分领域和 重要技术平台。报告期内，体外诊断业务实现营业收入3.33亿元，同比下降51.31%，主要原因是部分产品竞争加剧价 格回落，公司人员和战略调整使业务产生一定波动，目前人员优化已告一段落，预计业务将逐步恢复正常增长。 药品板块实现营业收入17.58亿元，同比下降 42.25%。其中，制剂（仿制药）实现营业收入14.09亿元，同比下降 46.50%；原料药实现营业收入3.49亿元，同比下降 14.99%。公司制剂业务在核心产品纳入国家集采后，主动调整销售 策略，将重心转向 OTC 零售端。 近日，乐普医疗发布2024年财报。披露公司去年营收下滑23.52%至61.03亿元，归属净利下滑80.37%至2.47亿元。 医疗器械板块是公司业务中收入规模最大的板块，细分业务板块主要包括心血管植介入、体外诊断、外科麻醉三大板 块，其中心血管植介入是公司核心业务板块。报告期内，该板块实现营业收入33.26亿元，同比下降9.47%。心血管植 介入：冠脉植介入业务实现营业收入16.22亿元，同比增长6.35%，结构性心脏病业 ...