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 ...

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. ...

丨证券研究报告丨 公司研究丨点评报告丨美好医疗（301363.SZ） [Table_Title] 业绩符合预期，血糖板块进入兑现阶段 报告要点 [Table_Summary] 2024 年业绩符合预期，传统业务稳健增长。2024 年公司营业收入为 15.94 亿元，其中家用呼 吸机组件收入 10.89 亿元，同比增长 25.58%，主要是由于客户去库存后恢复正常增长。人工 植入耳蜗组件收入 1.35 亿元，同比增长 18.74%，增速维持稳健主要是下游客户增速稳健。第 二增长曲线逐步量产兑现：2024 年公司其他医疗产品组件收入 1.03 亿元。同比增长 21.08%。 在血糖板块，公司的胰岛素注射笔项目已实现规模化量产，自主设计开发的"美好笔"核心研 发工作已基本完成，为客户定制的 CGM 组件产品进入交付准备期。 分析师及联系人 [Table_Author] 彭英骐 徐晓欣 SAC：S0490524030005 SAC：S0490522120001 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 2025-05-06 美好医疗（301363 ...

事件：公司发布2025 年一季度报告，2025 年一季度公司实现营业收入2.96 亿元，同比增长5.05%；实 现归母净利润0.52 亿元，同比下降10.62%；实现扣非归母净利润0.49 亿元，同比下降11.67%。 节后复工影响短期交付，国内外产能持续释放。公司当期收入增速略有放缓，主要因一季度春节较早， 生产时间偏短，年后复工节奏影响短期交付，同时公司业务模式天然存在季度间差异，一季度通常收入 占比偏低，因此环比2024Q4 有所下降。当期利润略有下降，主要因公司激励计划产生的股份支付费用 增加，同时也与当期战略业务投入力度增大有关。 呼吸机、人工耳蜗客户关系持续稳固，新产品、新赛道加速培育。公司在与全球家用呼吸机以及人工耳 蜗器械龙头拥有多年战略合作基础，是相关客户的核心供应商，公司瞄准家用呼吸机组件和人工植入耳 蜗组件细分领域持续投入，进一步加强新产品的研发和专业技术的纵深拓展力度，不断稳固加深与客户 长期战略合作伙伴关系，未来争取更多的业务机会，我们预计相关业务有望保持稳定增长。与此同时， 公司聚焦血糖管理、心血管、体外诊断等多个市场容量大、增长速度快、技术壁垒高的新市场，着力加 大研发投入，加快 ...