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].

Group 1 - The core viewpoint of the news highlights the performance and market position of the company, Steady Medical, in the healthcare industry, particularly in the medical dressing sector [1][2]. - As of May 9, the company's stock closed at 51.45 yuan, reflecting a 3.31% increase, with a rolling price-to-earnings (PE) ratio of 39.34 times and a total market capitalization of 29.961 billion yuan [1]. - The average PE ratio for the beauty and healthcare industry is 41.70 times, with a median of 45.39 times, placing Steady Medical at the 14th position within the industry [1][3]. Group 2 - Steady Medical specializes in the research, production, and sales of cotton-based products across various sectors, including medical, personal care, and home care [2]. - The company's main products include high-end wound dressings, traditional wound care products, infection control products, and various cotton-based personal care items [2]. - According to recent performance data, for the first quarter of 2025, the company reported revenue of 2.605 billion yuan, a year-on-year increase of 36.47%, and a net profit of 249 million yuan, also up by 36.26%, with a gross profit margin of 48.46% [2].

鉴于公司受高基数影响的相关板块业务已逐步回归常态化发展轨道，我们对盈利预测做出调整，预计公 司2025-2027 年营收分别为85.48/97.10/110.96 亿元，同比增速分别为+13.0%/+13.6%/+14.3%。 投资建议 公司深耕家用医疗器械领域，重点聚焦呼吸与制氧、血糖及POCT、消毒感控三大核心赛道，且出海业 务快速发展，有望打开成长空间。 公司发布2024 年及2025 年一季度业绩，2024 年实现营收75.66 亿元（yoy-5.09%），实现归母净利润 18.06 亿元（yoy-24.63%），实现扣非归母净利润13.93 亿元（yoy-24.12%）。2025Q1 实现营业收入 24.36 亿元（yoy+9.17%），实现归母净利润6.25 亿元（yoy-5.26%），实现扣非归母净利润5.13 亿元 （yoy-6.91%）。 核心观点 血糖及急救业务实现高增，其余品类阶段性承压。2024 年公司血糖管理及POCT 解决方案业务板块表 现持续亮眼，实现营收10.30 亿元，同比增长40.20%，预计受益于CGM 翻倍以上增长及BGM 产品客户 群体拓展；急救解决方案及其他业务实现 ...

盈利预测、估值与评级 业绩简述 预计公司2025-2027 年归母净利润分别为20.25、23.32、26.90 亿元，同比+12%、+15%、+15%，现价对 应PE 为16、14、12 倍，维持"买入"评级。 2025 年4 月25 日，公司发布2024 年年度报告，2024 年全年公司实现收入75.66 亿元，同比-5%；归母净 利润18.06 亿元，同比-25%；扣非归母净利润13.93 亿元，同比-24%。 风险提示 单季度来看，24Q4 公司实现收入15.38 亿元，同比+18%；实现归母净利润2.74 亿元，同比+34%；实现 扣非归母净利润1.19 亿元，同比-28%。 收入端受高基数影响回落，血糖管理及急救业务表现亮眼。2024年公司呼吸治疗解决方案板块实现收入 25.97 亿元，同比-22.42%，由于受到去年同期社会公共需求波动影响同比有所下降。其中制氧机、高流 量呼吸湿化治疗仪等相关产品因高基数影响同比下降，家用呼吸机、雾化器同比实现增长。血糖管理及 POCT 解决方案业务板块表现亮眼，实现收入10.30 亿元，同比+40.2%，其中CGM 实现翻倍以上增长。 家用健康检测解决方案业务 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company reported a revenue of 7.566 billion RMB in 2024, a decrease of 5% year-on-year, and a net profit of 1.806 billion RMB, down 24% year-on-year [2]. - The company has shown strong performance in the blood glucose management and emergency response sectors, with a revenue increase of 40.2% in the blood glucose management and POCT solutions business [3]. - The company has entered a strategic partnership with Inogen to accelerate overseas market expansion, achieving a 30.42% increase in export revenue in 2024 [4]. Performance Summary - In Q4 2024, the company achieved a revenue of 1.538 billion RMB, an 18% increase year-on-year, and a net profit of 274 million RMB, a 34% increase year-on-year [2]. - For Q1 2025, the company reported a revenue of 2.436 billion RMB, a 9% increase year-on-year, but a slight decline in net profit by 5% [2]. Revenue Breakdown - The respiratory therapy solutions segment generated 2.597 billion RMB in 2024, down 22.42% year-on-year, while the blood glucose management and POCT solutions segment saw a revenue of 1.030 billion RMB, up 40.2% [3]. - The clinical instruments and rehabilitation business achieved a revenue of 2.093 billion RMB, a slight increase of 0.24% year-on-year [3]. Future Projections - The company is projected to achieve net profits of 2.025 billion RMB, 2.332 billion RMB, and 2.690 billion RMB for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 12%, 15%, and 15% [5][10].