清晨六点，城市尚未完全苏醒。南方电网广西南宁供电局技能专家夏俊已穿戴整齐，胸前党徽闪亮，他 仔细清点着工具包，红外测温仪、局放检测仪、绝缘操作杆……这是夏俊参与的中考保电的第十三个年 头，作为一名扎根配电运维一线的共产党员、技能专家，他深知，守护电网"毛细血管"的畅通，就是守 护万千学子逐梦路上的光明。 精益运维，每一次保电都万无一失 "夏专家，防风防汛预警升级了！我们是不是要去看看考点附近那条老线路……"今年中考前夕，同班的 年轻班员焦急说道。 夏俊紧盯着监控屏幕，手指快速划过一串数据叮嘱到："重点盯住10kV谷生丙线，那里负荷敏感，风雨 天容易'感冒'。走，我们再去现场复测！"话音未落，他便带着工具出门了。 他掏出红外测温仪对准电缆接头："温度异常，可能影响线路设备运行。"他凭借丰富的运维经验，随即 便给出了解决方案，"立刻隔离此段，通过调整运行方式方案对发热点进行隔离"。 正是每一次的精益运维，让夏俊一次次提前捕捉到设备发出的"求救信号"。十三年来，他参与的高考、 中考保电共发现设备缺陷隐患26处、牵头解决18项包括台区重过载、低电压及复杂电缆故障在内的重点 难题。"设备就像沉默的战友，细微的异响、异常 ...

证券代码：002223 证券简称：鱼跃医疗 江苏鱼跃医疗设备股份有限公司投资者关系活动记录表 编号：2025-05-09 | 投资者关系活动类别 | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访  业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 活动参与人员 | 线上参与 2024 年度网上业绩说明会的投资者 | | 2025 时间 | 年 5 月 9 日 15:00-17:00 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | 上市公司接待人员姓 | 董事长/总经理 吴群 | | 名 | 副总经理/首席财务官 张勇 | | | 财务负责人 刘丽华 | | | 独立董事 钟明霞 | | | 独立董事 万遂人 | | | 董事/董事会秘书 王瑞洁 | | | 公司于 2025 年 5 月 9 日 15:00-17:00，通过深圳市全景网络有 | | | 限公司提供的网上平台（https://ir.p5w.net）采用网络远程形式举 | | 办 | ...

Core Viewpoint - The company is optimistic about its future growth, driven by innovation in product development and strategic partnerships, particularly in the respiratory treatment and health monitoring sectors. Group 1: Financial Performance - In 2024, the company achieved a total revenue of 7.566 billion yuan and a net profit of 1.806 billion yuan. In the first quarter of 2025, revenue was 2.436 billion yuan with a net profit of 625 million yuan [18]. - The company experienced a decline in revenue and net profit in 2023 due to fluctuations in public demand, but expects growth in 2024 compared to 2022 [5][6]. Group 2: Product Development and Market Strategy - The respiratory treatment solutions segment includes oxygen concentrators, ventilators, and nebulizers, with oxygen concentrators holding the largest market share. The company has launched innovative products like the third-generation sleep ventilator and portable oxygen concentrators [1]. - The home health monitoring segment, primarily consisting of electronic blood pressure monitors, has seen a double-digit growth year-on-year in 2024 [1]. - The company is committed to increasing R&D investment to enhance product technology and market competitiveness [2][6]. Group 3: Market Expansion and International Business - The company is actively expanding its overseas market presence, particularly in Southeast Asia, Europe, and South America, with a 30% revenue growth from international sales [5]. - In 2024, overseas revenue accounted for 12.54% of total revenue, with a focus on strengthening local talent and cultural collaboration in these regions [5]. Group 4: Strategic Partnerships and Acquisitions - The partnership with Inogen is aimed at leveraging both companies' resources for long-term strategic collaboration in the respiratory treatment solutions sector [3]. - The company is exploring investment and acquisition opportunities to enhance its business growth and integrate key resources [6][12]. Group 5: Future Goals and Vision - The company aims to achieve over 10 billion yuan in revenue and a market capitalization exceeding 100 billion yuan by 2025, with a long-term vision to be among the top three in the global home healthcare market by 2030 [7][10]. - The company emphasizes the importance of brand strength and customer experience as core components of its growth strategy [36].

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 ...

鱼跃医疗 2024A & 2025Q1 业绩点评 [Table_Industry] 医药/必需消费 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 45.47 [Table_CurPrice] 当前价格： 34.46 [Table_Market] 交易数据 股票研究 /[Table_Date] 2025.04.30 2025-05-07 [Table_Summary] 维持优于大市评级。公司 2024 年实现收入 75.66 亿元(-5.09%)，归母净 利润 18.06 亿元(-24.63%)，扣非净利润 13.93 亿元(-24.12%)。25Q1 实现 收入 24.36 亿元(+9.17%)，归母净利润 6.25 亿元(-5.26%)，扣非净利润 5.13 亿元(-6.91%)。下调 2025-2026 年预测 EPS 为 1.98/2.28 元（原为 2.48、2.85 元），新增 2027 年预测 EPS 为 2.64 元。考虑公司高基数影 响逐步消化，海外拓展加速，给予 2025 年 PE 23X（原为 2024 年 23x）， 下调目标价为 45.47 元（ ...

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].