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维力医疗:业绩稳健增长,去库存结束+本土化布局驱动外销快速增长-20250508
GOLDEN SUN SECURITIES· 2025-05-08 02:23
Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has shown steady revenue growth, with a 2024 revenue of 1.509 billion yuan, representing an 8.76% year-on-year increase, and a net profit of 219 million yuan, up 13.98% year-on-year. The first quarter of 2025 also reflects positive growth, with revenue of 348 million yuan, a 12.60% increase year-on-year, and a net profit of 59 million yuan, up 17.25% year-on-year [1][2][3] Summary by Sections Financial Performance - In 2024, the domestic market faced short-term pressure due to policy disruptions, resulting in domestic sales revenue of 683 million yuan, a decrease of 5.39% year-on-year. However, overseas sales revenue reached 797 million yuan, an increase of 23.74% year-on-year, as inventory issues with major North American clients were resolved [2][3] - The company's gross margin for 2024 was 44.53%, with a decrease of 1.36 percentage points year-on-year. The selling expense ratio was 10.48%, down 0.93 percentage points, while the management expense ratio was 8.61%, down 1.02 percentage points [2] Growth Drivers - The company is accelerating its overseas localization strategy, with plans for a production base in Mexico and a second base in Southeast Asia by 2025. This will enhance its global service capabilities and meet international market demands [3] - The nursing segment has shown significant growth, with overseas sales of urology products increasing by 150% year-on-year, driven by the launch of new products [3] Future Projections - Revenue projections for 2025-2027 are 1.751 billion yuan, 2.052 billion yuan, and 2.414 billion yuan, respectively, with year-on-year growth rates of 16.0%, 17.2%, and 17.7%. Net profit forecasts for the same period are 264 million yuan, 318 million yuan, and 383 million yuan, with growth rates of 20.1%, 20.7%, and 20.6% [3][4]
维力医疗(603309):海外业务恢复常态增长,在研产品丰富新产能有序投建
Huaan Securities· 2025-04-29 12:29
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a recovery in overseas business growth, with a rich pipeline of products under research and orderly construction of new production capacity [1][8] - In 2024, the company achieved operating revenue of 1.509 billion yuan, a year-on-year increase of 8.76%, and a net profit attributable to shareholders of 219 million yuan, up 13.98% year-on-year [4][5] - The company is actively expanding its overseas production base in Mexico and exploring new markets in Europe, South America, and Southeast Asia [6][8] Financial Performance - In 2024, the company's domestic sales revenue was 683 million yuan, a decrease of 5.39% year-on-year, while overseas sales revenue was 797 million yuan, an increase of 23.74% year-on-year [5][6] - The company expects revenues of 1.779 billion yuan, 2.073 billion yuan, and 2.426 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 17.9%, 16.6%, and 17.0% [8][10] - The projected net profit attributable to shareholders for 2025, 2026, and 2027 is 267 million yuan, 318 million yuan, and 384 million yuan respectively, with growth rates of 21.5%, 19.1%, and 20.9% [8][10] Product Development and Capacity Expansion - The company has a diverse range of products under research, including key anesthesia products and various medical devices, with plans to enhance production capacity in both domestic and international markets [7][8] - New production facilities are being established in Zhaoqing, China, and Mexico, with the aim to complete the first phase of construction by Q1 2026 [7][8] Market Strategy - The company is focusing on refining its channel management and optimizing its distributor structure to adapt to the changing landscape of the medical consumables market [5][6] - A specialized procurement and public affairs department has been established to navigate government procurement policies and enhance competitive pricing strategies [5][6]