Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company experienced a revenue increase of 3.73% year-on-year in the first half of 2025, with total revenue reaching 733 million yuan, but net profit decreased by 32.44% to 114 million yuan [4] - The second quarter saw a revenue growth of 2.86% year-on-year, while net profit fell by 43.83%, primarily due to the impact of increased tariffs affecting order deliveries and a decline in high-margin product sales [5] - The company anticipates a recovery in net profit in the second half of the year as tariff increases have been suspended and deliveries are resuming [5] - The establishment of a new industrial base in Malaysia is expected to enhance the company's risk resilience by the end of 2025 [5] Summary by Sections Revenue and Profitability - The company forecasts revenues of 1.94 billion, 2.36 billion, and 2.81 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.76, 0.90, and 1.10 yuan [8] - The projected P/E ratios for the current stock price are 30.9, 26.0, and 21.2 for the years 2025, 2026, and 2027 respectively [8] Growth Opportunities - The company is developing new growth points in blood glucose management, with advancements in products such as disposable injection pens and continuous glucose monitoring devices [6] - The non-medical sector has seen a significant revenue increase of 35.69% year-on-year in the first half of 2025, indicating successful expansion into personal care and consumer electronics [7] Financial Projections - The company expects a revenue growth rate of 21.8% in 2025, with net profit growth rates of 18.5% and 18.8% for 2026 and 2027 respectively [10] - The gross margin is projected to be 41.8% in 2025, gradually decreasing to 39.9% by 2027 [10]

2025 年 8 月 22 日 公司研究 业绩受产能转移影响短期承压，期待新业务拓展潜力 ——美好医疗（301363.SZ）2025 半年报点评 要点 事件：公司披露半年度业绩，2025 年上半年公司实现营收 7.33 亿元（同比 +3.73%），归母净利润 1.14 亿元（同比-32.44%），扣非归母净利润 1.11 亿元 （同比-32.08%），剔除股份支付影响后归母净利润为 1.29 亿元。 点评： 基石业务短期波动，核心客户合作关系稳固。公司目前的基石业务是家用呼吸机 和人工植入耳蜗组件的开发制造和销售。25 年上半年，公司核心的家用呼吸机 组件实现收入 4.36 亿元（YOY-2.76%），人工植入耳蜗组件实现收入 0.60 亿元 （YOY-7.53%），业务因部分产能向马来西亚转移及出口管制（稀土管制导致出 口交付延迟、海关检验加强）影响，收入短期承压。但公司与核心客户合作关系 稳定，下一代产品已在开发中。此外，公司新产品组件收入仍在快速增长，其他 医疗组件业务收入同比增长 54.4%，家用及消费电子组件收入同比增长 35.7%， 反映了其在多元业务赛道布局卓有成效。展望 25Q4 及 26 年 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company achieved a revenue of 733 million yuan in the first half of 2025, representing a year-on-year growth of 3.73%, while the net profit attributable to shareholders decreased by 32.44% [7] - The company is experiencing a decline in major business areas, but other medical product components are growing rapidly, with home respiratory machine components generating 436 million yuan in revenue, down 2.76% year-on-year, and home and consumer electronics components achieving 107 million yuan, up 35.69% year-on-year [7] - The blood glucose management product line is gradually contributing to revenue, with significant advancements in technology and production for insulin pens and continuous glucose monitoring devices [7] - The company expects to achieve revenues of 1.8 billion yuan, 2.122 billion yuan, and 2.5 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 379 million yuan, 449 million yuan, and 540 million yuan [7] Financial Performance Summary - The company reported a revenue of 1,338 million yuan in 2023, with a projected revenue growth rate of 19.2% in 2024 and 12.9% in 2025 [6][8] - The net profit for 2023 was 313 million yuan, with a projected net profit of 364 million yuan in 2024 and 379 million yuan in 2025, reflecting a net profit growth rate of 16.1% and 4.3% respectively [6][8] - The earnings per share (EPS) for 2023 was 0.77 yuan, expected to decrease to 0.67 yuan in 2025, with a PE ratio projected to decline from 47.8 in 2023 to 30.8 in 2025 [6][8]

Core Viewpoint - Medtronic is strategically appointing Chad Spooner as CFO of its diabetes division MiniMed to support the upcoming spin-off into an independent publicly traded company, aiming to establish a solid financial and strategic foundation for future growth [1][8]. Group 1: Appointment of Chad Spooner - Chad Spooner will officially take on the role of CFO for MiniMed starting July 14, 2025, coinciding with Medtronic's plans to spin off its diabetes business [1]. - Spooner brings over 25 years of financial leadership experience across various sectors, including healthcare and consumer goods, which will be crucial for MiniMed's transition to independence [6][9]. - His previous roles include CFO at BIC Group and co-founder of Tenex Capital Management, providing him with extensive experience in financial strategy and capital market operations [6][9]. Group 2: MiniMed's Spin-off Strategy - Medtronic announced plans to separate its diabetes business into an independent publicly traded company, expected to be completed within 18 months [3]. - MiniMed will focus on comprehensive insulin management systems, including automated insulin pumps and continuous glucose monitoring devices [3]. - The business model is shifting from traditional B2B to a direct-to-consumer (B2C) approach, emphasizing consumer experience and market responsiveness [9]. Group 3: Financial Implications and Market Response - Spooner's appointment is seen as a move to enhance investor confidence and improve market expectations regarding MiniMed's operational capabilities post-spin-off [10]. - Medtronic's fiscal year 2025 report indicated strong financial performance with total revenue of $33.537 billion and net income of $4.662 billion, which supports the rationale behind the spin-off [10]. - The stock price of Medtronic rose nearly 10% following the announcement of the spin-off, indicating positive market sentiment [10]. Group 4: Future Prospects and Innovations - MiniMed is at a critical stage of technological innovation, including collaborations on new continuous glucose monitoring systems and automated insulin delivery systems [9]. - Spooner's financial leadership is expected to provide necessary funding and resource allocation for high-potential projects, facilitating their transition from research and development to market [9]. - The strategic appointment of Spooner is anticipated to strengthen MiniMed's financial execution and market adaptability during this transformative phase [11].

Core Viewpoint - The company anticipates gradual improvement in performance in Q2 2025 and the second half of the year, following the end of inventory destocking by downstream customers in the home respiratory device component sector [3]. Group 1: Home Respiratory Devices and Cochlear Implants - The company's core business involves the development, manufacturing, and sales of home respiratory devices and cochlear implant components [3]. - In 2024, the company expects a return to normal growth rates for home respiratory device component orders, supported by the Malaysian base potentially avoiding tariff risks, which is expected to drive long-term revenue growth [3]. - Revenue from cochlear implant components is showing steady growth, and new product component revenues are rapidly increasing, indicating effective diversification in business segments [3]. - Due to the impact of the Spring Festival on Q1 2025, revenue growth has slowed compared to the full year of 2024, but performance is expected to improve gradually as order deliveries resume [3]. Group 2: Blood Glucose Management and Production Expansion - The company has made breakthroughs in core technologies such as precision molds and liquid silicone, focusing on products like disposable injection pens, continuous glucose monitoring (CGM) devices, and insulin patch pumps [4]. - Collaborations with global medical device leaders are ongoing in the fields of blood glucose management, IVD diagnostics, and cardiovascular devices [4]. - A fully automated production project for insulin injection pens developed for international clients has achieved large-scale production in 2024 [4]. - The company has completed the core R&D work for its self-designed "Beautiful Pen," which includes three major technology directions [4]. - The Malaysian production base has successfully completed the first two phases of capacity construction, with the third phase expected to be operational by the end of 2025 [4]. Group 3: Stock Incentive Plan - The company has announced a stock incentive plan for 2025, granting a total of 5 million shares to no more than 304 core employees, representing 1.23% of the total share capital [5]. - The performance assessment for the stock incentive plan is based on revenue or net profit for 2023, with target growth rates for 2025-2027 set at no less than 56.25%, 95.31%, and 144.14% respectively [5]. - The triggering growth rates for 2025-2027 are set at no less than 44.00%, 72.80%, and 107.36% respectively, reflecting the company's confidence in long-term growth [5].