证券研究报告 | 半年报点评 gszqdatemark 2025 09 11 年 月 日 瑞迈特（301367.SZ） 25Q2 收入环比持续改善，欧美市场表现亮眼 瑞迈特发布 2025 年半年度报告。2025H1 公司实现营业收入 5.44 亿元，同 比增长 42.30%；归母净利润 1.31 亿元，同比增长 42.19%；扣非后归母净利 润 0.99 亿元，同比增 49.34%。分季度看，2025Q2 实现营业收入 2.79 亿元， 同比增长 46.54%；归母净利润 5941 万元，同比增长 39.92%；扣非后归母 净利润 3913 万元，同比增长 59.94%。 观点：美国市场去库存周期结束，欧洲市场已开始进入主流医保市场，国内市 场调整初见成效，25Q2 收入环比继续改善。设备与耗材均实现高速增长，无 降噪棉呼吸机已在美国市场投放，下半年放量可期。海外本土化布局深化，欧 美市场增速亮眼，全球竞争力持续提升。 美国市场去库存周期结束，国内市场调整初见成效，收入、利润迎来双重增 长。2025Q2 公司收入端、利润端迎来双重增长，主要系：1）美国：呼吸机 市场去库存周期结束，市场恢复稳态。2）欧洲：已基 ...

Company Overview - Beijing Ruimait Medical Technology Co., Ltd. was established on July 27, 2001, and went public on November 1, 2022. The company specializes in the research, production, and sales of medical devices and consumables in the respiratory health field, primarily targeting patients with Obstructive Sleep Apnea Syndrome (OSA) and Chronic Obstructive Pulmonary Disease (COPD) [2] Business Performance - For the first half of 2025, the company achieved operating revenue of 544 million yuan, representing a year-on-year growth of 42.30%. The net profit attributable to the parent company was 131 million yuan, also reflecting a year-on-year increase of 42.19% [2] - The revenue composition includes 64.19% from home respiratory therapy products, 32.67% from consumables, 3.05% from medical products, and 0.10% from other sources [2] Stock Performance - On September 5, the stock price of Ruimait increased by 2.09%, reaching 88.75 yuan per share, with a trading volume of 64.83 million yuan and a turnover rate of 1.31%. The total market capitalization is 7.952 billion yuan [1] - Year-to-date, the stock price has risen by 41.77%, while it has decreased by 2.24% over the last five trading days and by 3.75% over the last twenty days [1] Shareholder Information - As of June 30, 2025, the number of shareholders was 6,850, a decrease of 24.87% from the previous period. The average number of circulating shares per person increased by 33.11% to 8,251 shares [2] - Since its A-share listing, the company has distributed a total of 228 million yuan in dividends [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders [3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a recovery in revenue growth quarter by quarter, with a significant increase in the proportion of consumables in its business [2] - The company is increasing its R&D investment and optimizing its supply chain, which is expected to enhance profitability [2] - Revenue forecasts for 2025-2027 indicate a positive growth trajectory, with expected revenues of 10.58 billion, 13.14 billion, and 16.21 billion respectively, and corresponding net profits of 2.06 billion, 2.69 billion, and 3.43 billion [2] Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 843 million (down 24.85% YoY) and a net profit of 155 million (down 47.74% YoY) [3] - The revenue for Q4 2024 was 241 million (up 36.29% YoY), with a net profit of 30 million (up 12.65% YoY) [3] - The company’s gross margin improved to 48.3% in 2024, with a projected gross margin of 49.3% in 2025 [3] Revenue Breakdown - The company’s consumables revenue reached 284 million in 2024, representing a 46.22% increase YoY, and accounted for 33.72% of total revenue [2] - The revenue from home respiratory therapy products was 527 million (down 38.15% YoY), primarily due to inventory destocking in overseas markets [2] Profitability Metrics - The sales expense ratio increased to 13.36% (up 4.06 percentage points YoY), while the management expense ratio rose to 7.29% (up 3.70 percentage points YoY) [2] - The net profit margin for 2024 was 18.80% (down 7.91 percentage points YoY) [2] Future Projections - Expected revenue growth rates for 2025, 2026, and 2027 are 25.4%, 24.2%, and 23.4% respectively [2] - The projected net profit growth rates for the same period are 32.4%, 30.6%, and 27.7% respectively [2]