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 ...

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]