Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company has demonstrated robust performance with significant achievements in overseas expansion, achieving a revenue of 4.659 billion yuan in the first half of 2025, representing a year-on-year increase of 8.16% [1]. - The overseas sales reached 607 million yuan, marking a year-on-year growth of 26.63%, indicating that international business is becoming a crucial driver of performance [2]. - The company is focusing on three core areas: respiratory and oxygen therapy, blood glucose and POCT, and disinfection and infection control, with rapid growth in overseas business expected to unlock further growth potential [4]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved a net profit attributable to shareholders of 1.203 billion yuan, up 7.37% year-on-year, while the non-recurring net profit was 914 million yuan, down 5.22% year-on-year [1]. - The gross profit margin improved by 0.37 percentage points to 50.37%, benefiting from effective cost management and a mature supply chain [3]. Product Performance - Revenue from respiratory treatment solutions was 1.674 billion yuan, a year-on-year increase of 1.93%, with home respiratory machine products seeing growth rates exceeding 40% [2]. - Blood glucose management and POCT solutions generated 674 million yuan, up 20.00% year-on-year, with CGM business experiencing rapid growth [2]. - Home health monitoring solutions brought in 1.014 billion yuan, reflecting a year-on-year growth of 15.22%, with electronic blood pressure monitors showing double-digit growth [2]. Innovation and R&D - The company is actively embracing technological advancements, applying AI and other cutting-edge technologies in product development and operational management, focusing on digitalization and wearability [3]. - R&D investment in the first half of 2025 was 295 million yuan, a year-on-year increase of 9.44%, with several important innovative products receiving registration and being launched [3]. Future Projections - The projected net profits for 2025, 2026, and 2027 are 2.010 billion yuan, 2.262 billion yuan, and 2.581 billion yuan, respectively, with year-on-year growth rates of 11.3%, 12.5%, and 14.1% [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is experiencing steady growth across its various business segments, with ongoing expansion in overseas markets [5] - The company reported a revenue of 4.66 billion yuan in the first half of 2025, representing a year-on-year increase of 8.2%, and a net profit attributable to shareholders of 1.2 billion yuan, up 7.4% year-on-year [7] - The respiratory segment has shown recovery in growth, with significant increases in home respiratory device sales [7] - The company is a leading domestic platform for home medical devices, with strong brand power and a promising outlook for international expansion [7] Financial Summary - Revenue projections for 2025-2027 are 8.606 billion yuan, 9.735 billion yuan, and 11.037 billion yuan, with year-on-year growth rates of 13.75%, 13.11%, and 13.38% respectively [6] - Net profit attributable to shareholders is forecasted to be 2.011 billion yuan, 2.314 billion yuan, and 2.661 billion yuan for 2025-2027, with growth rates of 11.35%, 15.07%, and 15.03% respectively [6] - The company's return on equity (ROE) is expected to be 14.40%, 14.53%, and 15.08% for the years 2025-2027 [6] - The price-to-earnings (P/E) ratio is projected to be 20.91, 18.78, and 16.32 for 2025-2027 [6]

公 司 报 告 医药 2025年08月25日 鱼跃医疗(002223.SZ) 业绩增长符合预期，血糖AED等业务表现亮眼 强烈推荐( 维持) 公 司 半 年 报 点 评 股价:36.6元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.yuwell.com | | 大股东/持股 | 江苏鱼跃科技发展有限公司/24.54% | | 实际控制人 | 吴光明 | | 总股本(百万股) | 1,002 | | 流通A股(百万股) | 940 | | 流通B/H股(百万股) | | | 总市值(亿元) | 367 | | 流通A股市值(亿元) | 344 | | 每股净资产(元) | 13.27 | | 资产负债率(%) | 18.8 | 行情走势图 证券分析师 叶寅 投资咨询资格编号 S1060514100001 BOT335 YEYIN757@pingan.com.cn 倪亦道 投资咨询资格编号 S1060518070001 事项： 公司25H1实现营业收入46.59亿元，yoy+8.16%，实现归母净利润12.03亿 元，yoy+7.37%，实现扣非归母净利润9.14亿元， ...

Core Insights - The company reported a revenue of 4.659 billion yuan for the first half of 2025, representing a year-on-year increase of 8%, with a net profit attributable to shareholders of 1.203 billion yuan, up 7% year-on-year [1] - The second quarter alone saw a revenue of 2.223 billion yuan, a 7% increase year-on-year, and a net profit of 578 million yuan, which is a significant 25% increase year-on-year [1] Business Segment Performance - The respiratory therapy segment returned to a growth trend with revenues of 1.674 billion yuan, a year-on-year increase of 1.93%, driven by a recovery in oxygen machine sales and over 40% growth in home ventilator products [2] - The blood glucose management and POCT solutions generated revenues of 674 million yuan, reflecting a 20% year-on-year growth, supported by the launch of new CGM products [2] - Home health monitoring solutions achieved revenues of 1.014 billion yuan, up 15.22% year-on-year, with electronic blood pressure monitors showing double-digit growth [2] - Clinical instruments and rehabilitation business reported revenues of 1.134 billion yuan, a 3.32% increase year-on-year, with steady growth in acupuncture needles and wheelchairs [2] - Emergency solutions and other businesses generated revenues of 136 million yuan, marking a 30.54% increase year-on-year [2] Sales and Marketing Strategy - The company increased its sales expenses to 812 million yuan, a rise of 32.99% year-on-year, due to expanded sales scale and increased investments in e-commerce, advertising, and personnel [2] - This short-term pressure on profit growth is expected to positively impact the company's market share expansion both domestically and internationally, driving faster revenue growth in the long term [2] International Market Expansion - The company achieved external sales revenue of 607 million yuan, a year-on-year increase of 26.63%, accounting for 13.03% of total revenue [3] - Products in the emergency field, such as the HeartSave Y|YA series and myPAD series, successfully obtained EU MDR certification [3] - A strategic cooperation agreement with Inogen is expected to accelerate the company's overseas market expansion [3] Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders for 2025-2027 to be 1.989 billion, 2.269 billion, and 2.600 billion yuan, representing year-on-year growth of 10%, 14%, and 15% respectively [4] - The current price corresponds to a PE ratio of 18, 16, and 14 times for the respective years, maintaining a "buy" rating [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase over the next 6-12 months [3][10]. Core Insights - The company reported a revenue of 4.659 billion RMB in the first half of 2025, representing an 8% year-on-year increase, while the net profit attributable to shareholders was 1.203 billion RMB, up 7% year-on-year [2]. - The respiratory therapy business has returned to a growth trend, with the oxygen concentrator business recovering and home respiratory products growing over 40% year-on-year [2]. - The blood glucose management and POCT solutions achieved a revenue of 674 million RMB, a 20% increase year-on-year, driven by the launch of new CGM products [2]. - Sales expenses increased significantly by 32.99% to 812 million RMB, reflecting the company's investment in expanding its sales scale and market share [3]. - The company achieved external sales revenue of 607 million RMB, a 26.63% increase year-on-year, with a focus on expanding its overseas market [3]. Summary by Sections Performance Overview - In Q2 2025, the company achieved a revenue of 2.223 billion RMB, a 7% increase year-on-year, and a net profit of 578 million RMB, a 25% increase year-on-year [2]. - The adjusted net profit was 401 million RMB, down 3% year-on-year [2]. Business Analysis - The respiratory therapy solutions generated 1.674 billion RMB in revenue, a 1.93% increase year-on-year, indicating a recovery in this segment [2]. - The home health monitoring solutions generated 1.014 billion RMB, a 15.22% increase year-on-year, with electronic blood pressure monitors showing double-digit growth [2]. - The clinical instruments and rehabilitation business generated 1.134 billion RMB, a 3.32% increase year-on-year [2]. - The emergency solutions and other businesses achieved a revenue of 136 million RMB, a 30.54% increase year-on-year [2]. Profit Forecast and Valuation - The forecasted net profits for 2025-2027 are 1.989 billion RMB, 2.269 billion RMB, and 2.600 billion RMB, representing growth rates of 10%, 14%, and 15% respectively [3]. - The current price-to-earnings ratio (PE) is projected to be 18, 16, and 14 times for the years 2025, 2026, and 2027 respectively [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with total revenue of 46.59 billion yuan, an increase of 8.16% year-on-year, and a net profit attributable to shareholders of 12.03 billion yuan, up 7.37% year-on-year [7] - The main business showed steady growth, with significant contributions from respiratory oxygen and home health monitoring solutions, particularly the electronic blood pressure monitors and infrared thermometers [7] - The company is expected to benefit from the launch of new Continuous Glucose Monitoring (CGM) products, which have received positive feedback from users, driving rapid growth in the CGM business [7] - Cost control measures have been effective, with a gross margin of 50.37%, an increase of 0.37 percentage points year-on-year [7] - Future profit forecasts have been adjusted slightly, with net profit for 2025 expected to be 19.54 billion yuan, and for 2026-2027 adjusted to 22.05 billion yuan and 25.35 billion yuan respectively [7] Financial Summary - Total revenue projections for the company are as follows: 2023A: 7,972 million yuan, 2024A: 7,566 million yuan, 2025E: 8,760 million yuan, 2026E: 10,134 million yuan, 2027E: 11,711 million yuan [1] - Net profit attributable to shareholders is projected to be: 2023A: 2,396 million yuan, 2024A: 1,806 million yuan, 2025E: 1,954 million yuan, 2026E: 2,205 million yuan, 2027E: 2,535 million yuan [1] - The earnings per share (EPS) estimates are: 2023A: 2.39 yuan, 2024A: 1.80 yuan, 2025E: 1.95 yuan, 2026E: 2.20 yuan, 2027E: 2.53 yuan [1] - The price-to-earnings (P/E) ratios based on the latest diluted EPS are: 2023A: 15.31, 2024A: 20.32, 2025E: 18.78, 2026E: 16.64, 2027E: 14.47 [1]

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].

Core Viewpoint - The company reported a decline in overall revenue and net profit for 2024, while specific segments like blood glucose management and emergency solutions showed significant growth [1][2]. Financial Performance - In 2024, the company achieved revenue of 7.566 billion yuan, a year-over-year decrease of 5.09%, and a net profit attributable to shareholders of 1.806 billion yuan, down 24.63% year-over-year [1]. - For Q1 2025, the company reported revenue of 2.436 billion yuan, an increase of 9.17% year-over-year, with a net profit of 625 million yuan, down 5.26% year-over-year [1]. Segment Performance - The blood glucose management and POCT solutions segment generated revenue of 1.03 billion yuan in 2024, growing by 40.20% year-over-year, driven by a significant increase in CGM and expansion of BGM customer base [2]. - The emergency solutions segment achieved revenue of 239 million yuan, up 34.05% year-over-year, benefiting from the certification and technological upgrades of the AED products [2]. - The respiratory therapy solutions segment saw revenue decline to 2.597 billion yuan, down 22.42% year-over-year, primarily due to fluctuations in public demand [2]. - The home health monitoring solutions segment reported revenue of 1.564 billion yuan, a slight decrease of 0.41% year-over-year, with some products experiencing growth despite high base effects [2]. - Clinical instruments and rehabilitation solutions generated revenue of 2.093 billion yuan, a marginal increase of 0.24% year-over-year, with certain product categories showing positive trends [2]. Profitability and Cost Management - The company achieved a gross margin of 50.14% in 2024, a decrease of 1.22 percentage points year-over-year, but is expected to stabilize and improve in Q1 2025 to 50.30% [3]. - The sales, management, and financial expense ratios for 2024 were 17.99%, 5.66%, and -3.12%, respectively, with a focus on optimizing costs and resource utilization [3]. International Expansion - The company’s overseas market revenue reached 949 million yuan in 2024, reflecting a year-over-year growth of 30.42%, supported by product registrations and localized team development [3]. Investment Outlook - The company is focused on the home medical device sector, particularly in respiratory and oxygen therapy, blood glucose management, and infection control, with rapid growth in international markets expected to enhance growth potential [4]. - Revenue projections for 2025-2027 are estimated at 8.548 billion yuan, 9.710 billion yuan, and 11.096 billion yuan, with corresponding year-over-year growth rates of 13.0%, 13.6%, and 14.3% [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to return to a stable growth trajectory with strong overseas growth [6] - The company reported a revenue of 7.57 billion yuan in 2024, a decrease of 5.1% year-on-year, and a net profit of 1.81 billion yuan, down 24.6% year-on-year [8] - The company has a strong brand presence in the domestic home medical device market and continues to expand its overseas operations, indicating significant growth potential [8] Financial Performance Summary - Revenue Forecasts: - 2023: 7,972 million yuan - 2024: 7,566 million yuan (down 5.09%) - 2025E: 8,606 million yuan (up 13.75%) - 2026E: 9,735 million yuan (up 13.11%) - 2027E: 11,037 million yuan (up 13.38%) [7] - Net Profit Forecasts: - 2023: 2,396 million yuan - 2024: 1,806 million yuan (down 24.63%) - 2025E: 2,011 million yuan (up 11.35%) - 2026E: 2,314 million yuan (up 15.07%) - 2027E: 2,661 million yuan (up 15.03%) [7] - Earnings Per Share (EPS): - 2023: 2.39 yuan - 2024: 1.80 yuan - 2025E: 2.01 yuan - 2026E: 2.31 yuan - 2027E: 2.65 yuan [7] - Return on Equity (ROE): - 2023: 20.37% - 2024: 14.40% - 2025E: 14.53% - 2026E: 15.08% - 2027E: 15.58% [7] Business Segment Performance - Respiratory therapy revenue in 2024 was 2.6 billion yuan, down 22.4% year-on-year due to high base effects from 2023 [8] - Blood glucose management and POCT revenue reached 1.03 billion yuan, up 40.2% year-on-year, with significant growth in CGM products [8] - Home health testing revenue was 1.56 billion yuan, down 0.4% year-on-year, with electronic blood pressure monitors showing double-digit growth [8] - Clinical instruments and rehabilitation revenue was 2.09 billion yuan, up 0.2% year-on-year, with good growth trends in acupuncture needles and wheelchairs [8] - Overseas revenue reached 950 million yuan, up 30.4% year-on-year, increasing its share from 9.1% to 12.5% [8] Financial Health - As of the end of Q1 2025, the company had cash and cash equivalents of 7.08 billion yuan with no short-term or long-term debt, indicating a strong financial position [8]

Performance Overview - In 2024, the company reported total revenue of 7.566 billion yuan, a year-on-year decrease of 5% [1] - The net profit attributable to shareholders was 1.806 billion yuan, down 25% year-on-year [1] - The net profit excluding non-recurring items was 1.393 billion yuan, a decline of 24% year-on-year [1] - For Q4 2024, the company achieved revenue of 1.538 billion yuan, an increase of 18% year-on-year [1] - The net profit attributable to shareholders for Q4 2024 was 274 million yuan, up 34% year-on-year [1] - For Q1 2025, the company reported revenue of 2.436 billion yuan, a year-on-year increase of 9% [1] - The net profit attributable to shareholders for Q1 2025 was 625 million yuan, down 5% year-on-year [1] Operational Analysis - Revenue decline was influenced by high base effects, but blood glucose management and emergency business segments performed well [2] - The respiratory therapy solutions segment generated revenue of 2.597 billion yuan, a decrease of 22.42% year-on-year [2] - The blood glucose management and POCT solutions segment saw revenue of 1.03 billion yuan, an increase of 40.2% year-on-year, with CGM sales more than doubling [2] - The home health monitoring solutions segment achieved revenue of 1.564 billion yuan, a slight decrease of 0.41% year-on-year [2] - The clinical instruments and rehabilitation business segment reported revenue of 2.093 billion yuan, a marginal increase of 0.24% year-on-year [2] - The emergency business segment generated revenue of 239 million yuan, an increase of 34.05% year-on-year [2] Strategic Developments - The company accelerated its overseas market expansion, achieving foreign sales revenue of 949 million yuan, a year-on-year increase of 30.42% [3] - In January 2025, the company announced a strategic cooperation agreement with Inogen, focusing on international distribution, trademark licensing, joint R&D, and supply chain optimization [3] - Inogen is recognized for its strong international brand reputation and extensive sales channels in the respiratory field, which is expected to enhance the company's overseas market presence [3] Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders of 2.025 billion yuan, 2.332 billion yuan, and 2.690 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth of 12%, 15%, and 15% [4] - The current price corresponds to a PE ratio of 16, 14, and 12 for the years 2025, 2026, and 2027 [4]