7月11日，美好医疗今日收盘18.72元，上涨3.83%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到29.78倍，创28天以来新低，总市值106.49亿元。 从行业市盈率排名来看，公司所处的医疗器械行业市盈率平均52.06倍，行业中值37.22倍，美好医疗排 名第66位。 股东方面，截至2025年6月30日，美好医疗股东户数12487户，较上次增加119户，户均持股市值35.28万 元，户均持股数量2.76万股。 最新一期业绩显示，2025年一季报，公司实现营业收入2.96亿元，同比5.05%；净利润5187.50万元，同 比-10.62%，销售毛利率39.28%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13美好医疗29.7829.273.02106.49亿行业平均 52.0649.724.58107.83亿行业中值37.2238.112.4752.18亿1九安医疗10.3010.410.81173.78亿2英科医疗 10.8811.730.97171.88亿3新华医疗14.4413.391.1892.58亿4振德医疗15.4114.530.9855.95亿5奥美医疗 15. ...

7月4日，美好医疗今日收盘18.05元，上涨1.69%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到28.71倍，总市值102.68亿元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13美好医疗28.7128.232.92102.68亿行业平均 51.0548.784.55107.12亿行业中值36.6236.522.5051.67亿1九安医疗10.2610.380.81173.21亿2英科医疗 10.4711.290.93165.45亿3新华医疗14.4313.381.1892.52亿4奥美医疗15.3215.011.5755.35亿5山东药玻 15.3915.431.77145.53亿6振德医疗15.4714.580.9856.17亿7康德莱15.7315.741.3033.89亿8维力医疗 16.4917.141.9337.60亿9九强生物16.4915.332.0281.66亿10奥泰生物16.6117.511.3452.96亿11安杰思 17.6117.812.1352.26亿12安图生物18.8317.982.42214.74亿 来源：金融界 从行业市盈率排名来看，公司 ...

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to high base effects from 2023 and adjustments in the respiratory therapy business, while showing growth in certain segments in Q1 2025 [1][2]. Financial Performance - For 2024, the company achieved revenue of 7.566 billion yuan (-5.09%), net profit attributable to shareholders of 1.806 billion yuan (-24.63%), and operating cash flow of 1.816 billion yuan (-14.61%) [1]. - In Q1 2025, the company reported revenue of 2.436 billion yuan (+9.18%), net profit of 625 million yuan (-5.26%), and operating cash flow of 658 million yuan (+2.64%) [1][2]. Business Segment Analysis - The respiratory therapy segment generated revenue of 2.597 billion yuan, with certain products experiencing declines due to high base effects, while home respiratory devices and nebulizers showed growth [2]. - The blood glucose management and POCT business achieved revenue of 1.03 billion yuan (+40.21%), with significant growth in CGM products [2]. - The home health measurement segment reported revenue of 1.564 billion yuan (-0.41%), with some products declining due to high base effects, while others like electronic blood pressure monitors saw double-digit growth [2]. - The clinical and rehabilitation business generated revenue of 2.093 billion yuan (+0.24%), with good growth trends in acupuncture needles and wheelchairs, but a decline in infection control products due to demand fluctuations [2]. - The emergency business reported revenue of 239 million yuan (+34.05%), with self-developed AED products achieving certification and further technical upgrades [2]. Strategic Initiatives - The company made a strategic investment of $27.21 million in Inogen, acquiring a 9.9% stake, to expand its market presence in Europe and the US, leveraging Inogen's established production bases and market share [3]. - The partnership with Inogen will focus on distribution cooperation for various respiratory products and aims to enhance product exports and collaborative R&D efforts [3]. Dividend Policy - In 2024, the company distributed a total dividend of 802 million yuan, representing 44.40% of net profit attributable to shareholders, reflecting a strong commitment to investor returns and long-term confidence [3]. Investment Outlook - The company is positioned as a leader in home medical devices, focusing on respiratory and oxygen therapy, blood glucose management, and infection control, with an improving product structure and brand advantages [4]. - Forecasts for net profit from 2025 to 2027 are adjusted to 2.341 billion yuan, 2.699 billion yuan, and 3.104 billion yuan, reflecting year-on-year growth of 29.63%, 15.29%, and 15.03% respectively [4].

Investment Rating - The investment rating for the company is "Buy" with a first-time coverage [1] Core Insights - The company has shown stable growth in its two core businesses, with a revenue of 1.594 billion yuan in 2024, representing a year-on-year increase of 19.19%. The net profit attributable to the parent company was 364 million yuan, up 16.11% year-on-year [4][5] - The company is diversifying its business into areas such as blood glucose management and cardiovascular health, indicating the emergence of second and third growth curves [5] - The company has made significant progress in its global industrial layout, with new production facilities in Daya Bay and Malaysia, enhancing its delivery capabilities for overseas business expansion [6] Financial Performance - In Q1 2025, the company achieved a revenue of 296 million yuan, a year-on-year growth of 5.05%, but the net profit decreased by 10.62% to 52 million yuan [4] - The company forecasts revenue growth from 1.942 billion yuan in 2025 to 2.859 billion yuan in 2027, with corresponding net profits expected to rise from 452 million yuan to 668 million yuan during the same period [7][9] - The projected PE ratios for 2025, 2026, and 2027 are 22.2, 18.3, and 15.0 respectively, indicating a favorable valuation trend [7][9]

Core Viewpoint - The company anticipates gradual improvement in performance in Q2 2025 and the second half of the year, following the end of inventory destocking by downstream customers in the home respiratory device component sector [3]. Group 1: Home Respiratory Devices and Cochlear Implants - The company's core business involves the development, manufacturing, and sales of home respiratory devices and cochlear implant components [3]. - In 2024, the company expects a return to normal growth rates for home respiratory device component orders, supported by the Malaysian base potentially avoiding tariff risks, which is expected to drive long-term revenue growth [3]. - Revenue from cochlear implant components is showing steady growth, and new product component revenues are rapidly increasing, indicating effective diversification in business segments [3]. - Due to the impact of the Spring Festival on Q1 2025, revenue growth has slowed compared to the full year of 2024, but performance is expected to improve gradually as order deliveries resume [3]. Group 2: Blood Glucose Management and Production Expansion - The company has made breakthroughs in core technologies such as precision molds and liquid silicone, focusing on products like disposable injection pens, continuous glucose monitoring (CGM) devices, and insulin patch pumps [4]. - Collaborations with global medical device leaders are ongoing in the fields of blood glucose management, IVD diagnostics, and cardiovascular devices [4]. - A fully automated production project for insulin injection pens developed for international clients has achieved large-scale production in 2024 [4]. - The company has completed the core R&D work for its self-designed "Beautiful Pen," which includes three major technology directions [4]. - The Malaysian production base has successfully completed the first two phases of capacity construction, with the third phase expected to be operational by the end of 2025 [4]. Group 3: Stock Incentive Plan - The company has announced a stock incentive plan for 2025, granting a total of 5 million shares to no more than 304 core employees, representing 1.23% of the total share capital [5]. - The performance assessment for the stock incentive plan is based on revenue or net profit for 2023, with target growth rates for 2025-2027 set at no less than 56.25%, 95.31%, and 144.14% respectively [5]. - The triggering growth rates for 2025-2027 are set at no less than 44.00%, 72.80%, and 107.36% respectively, reflecting the company's confidence in long-term growth [5].

Company Overview - Meihao Medical closed at 17.25 yuan on June 26, down 1.09%, with a rolling PE ratio of 27.44 times and a total market capitalization of 9.813 billion yuan [1] - The company operates in the medical device industry, which has an average PE ratio of 49.45 times and a median of 35.92 times, placing Meihao Medical at the 63rd position in the industry ranking [1] Shareholding Structure - As of the first quarter of 2025, 30 institutions held shares in Meihao Medical, including 24 funds, 4 others, and 2 insurance companies, with a total shareholding of 42.1394 million shares valued at 1.23 billion yuan [1] Business Operations - Meihao Medical specializes in the design, development, manufacturing, and sales of precision components and products for medical devices, including home ventilator components, cochlear implant components, and other medical product components [1] - The company is recognized as a national high-tech enterprise and a national intellectual property advantage enterprise, as well as a champion in a specific manufacturing sector in Guangdong Province [1] Financial Performance - In the first quarter of 2025, Meihao Medical reported revenue of 296 million yuan, a year-on-year increase of 5.05%, and a net profit of 51.875 million yuan, reflecting a year-on-year decrease of 10.62%, with a gross profit margin of 39.28% [1]

6月9日，美好医疗今日收盘17.48元，上涨2.52%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到27.81倍，总市值99.44亿元。 序号股票简称PE(TTM)PE(静)市净率总市值(元)59美好医疗27.8127.342.8299.44亿行业平均 50.6449.074.68109.10亿行业中值37.0537.632.5050.67亿1天益医疗-1817.92-3113.901.9423.17亿2澳华内 镜-726.69364.475.8276.58亿3诺唯赞-431.93-510.862.3792.43亿4爱朋医疗-431.66327.945.2035.42亿5博晖 创新-337.40535.413.6049.50亿6硕世生物-147.79-2159.571.3243.23亿7奥精医疗-142.33-208.621.8826.42亿 8睿昂基因-105.65-86.741.5013.67亿9康泰医学-87.85-74.223.1357.82亿10中红医疗-74.13-59.130.9451.52亿 11热景生物-67.89-78.225.01149.40亿 来源：金融界 股东方面，截 ...

最新一期业绩显示，2025年一季报，公司实现营业收入2.96亿元，同比5.05%；净利润5187.50万元，同 比-10.62%，销售毛利率39.28%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)59美好医疗26.6926.242.7195.46亿行业平均 50.9748.964.68108.42亿行业中值36.6736.602.4749.87亿1天益医疗-1782.30-3052.891.9022.71亿2澳华内 镜-692.58347.365.5572.99亿3诺唯赞-414.64-490.412.2788.73亿4爱朋医疗-382.20290.364.6031.36亿5博晖 创新-331.28525.693.5448.61亿6奥精医疗-149.94-219.761.9827.83亿7硕世生物-138.80-2028.201.2440.60亿 8睿昂基因-101.98-83.721.4513.20亿9康泰医学-86.93-73.453.1057.22亿10中红医疗-72.23-57.610.9150.19亿 11热景生物-59.61-68.684.40131.18亿 来源：金融界 截至202 ...

最新一期业绩显示，2025年一季报，公司实现营业收入2.96亿元，同比5.05%；净利润5187.50万元，同 比-10.62%，销售毛利率39.28%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)62美好医疗27.4627.002.7998.21亿行业平均 48.7146.924.57105.44亿行业中值35.3737.132.4047.42亿1天益医疗-1727.26-2958.601.8422.01亿2澳华内 镜-604.66303.274.8463.72亿3诺唯赞-406.65-480.962.2387.02亿4爱朋医疗-349.63265.624.2128.69亿5博晖 创新-321.82510.673.4347.22亿6硕世生物-133.72-1954.031.2039.11亿7奥精医疗-130.00-190.551.7124.13亿 8睿昂基因-100.64-82.631.4313.03亿9康泰医学-85.59-72.313.0556.33亿10中红医疗-70.71-56.400.8949.14亿 11华大智造-56.60-50.233.90301.77亿 来源：金融界 5月22日 ...

5月12日，美好医疗今日收盘26.16元，上涨3.24%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到29.75倍，总市值106.38亿元。 最新一期业绩显示，2025年一季报，公司实现营业收入2.96亿元，同比5.05%；净利润5187.50万元，同 比-10.62%，销售毛利率39.28%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)68美好医疗29.7529.243.02106.38亿行业平均 49.8445.684.61105.51亿行业中值36.5938.052.4346.93亿1天益医疗-1742.06-2983.951.8622.20亿2澳华内 镜-602.36302.124.8363.48亿3诺唯赞-409.62-484.482.2587.66亿4爱朋医疗-362.84275.654.3729.77亿5博晖 创新-324.04514.213.4647.54亿6硕世生物-131.86-1926.851.1838.57亿7奥精医疗-125.28-183.621.6523.25亿 8睿昂基因-99.99-82.091.4212.94亿9康泰医学-84.67-71.543. ...