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鱼跃医疗20250922
2025-09-23 02:34
摘要 鱼跃医疗呼吸系列制氧产品同比增长约 60%,呼吸类产品整体增速超过 30%,雾化产品销售增速超过 60%,显示其在呼吸健康领域的强劲增 长势头。 中国 COPD 患者约 1.1 亿人,OSA 患者约 2.1 亿人,呼吸机市场潜力巨 大,但国内渗透率不足 1%,远低于美国 20%的水平,预示着未来增长 空间广阔。 呼吸机设备加耗材模式具有高用户粘性,设备使用周期 5-6 年,耗材需 半年更换,品牌、渠道和供应链是核心竞争壁垒。 鱼跃医疗在制氧机领域品牌优势显著,持续进行技术迭代升级。血糖监 测方面,CGM 产品 CT5 已上线并获得良好销售反馈,有望复制 BGM 的 成功路径。 通过收购德国普美康,鱼跃医疗进入 AED 市场,受益于国内体外除颤设 备配置比例的逐步上升。同时,公司也在积极布局视光门诊所需的整体 器械。 鱼跃医疗的核心竞争力在于强大的产品力、多年品牌积累、持续技术迭 代与渠道赋能,以及积极的海外市场布局,覆盖 131 个国家和地区。 Q&A 鱼跃医疗的主要业务板块和产品有哪些? 鱼跃医疗 20250922 呼吸机市场目前主要针对 COPD(慢性阻塞性肺病)和 OSA(阻塞性睡眠呼吸 暂停)患 ...
耐用消费产业研究:中报密集披露期聚焦业绩,捕捉新消费回调见底机遇
SINOLINK SECURITIES· 2025-08-03 14:05
Group 1: Consumer Strategy and Investment Recommendations - The investment opportunities in consumer sectors are divided into new consumption and dividend+consumption dimensions. New consumption saw strong excess returns in Q2 2025, but in July, market focus shifted due to high expectations and emerging sectors like PCB and innovative drugs, leading to a significant decline in stock prices [2][8] - The next systematic allocation for both new consumption and dividend+consumption is expected around late August during the intensive disclosure period of mid-year reports, with the outcome of US-China tariffs on August 12 indicating the next consumption allocation direction [2][8] Group 2: Light Industry Manufacturing - New tobacco products are showing a steady upward trend, with HNB products reaching 5 billion units in H1 2025, a 29.5% year-on-year increase. BAT's HNB revenue is expected to accelerate in the second half of the year [16] - The home furnishing sector is stabilizing at the bottom, with weak domestic sales but potential growth for resilient soft furniture companies [17] - The paper industry is also stabilizing, with inventory trends indicating a gradual decrease, although prices remain flat due to weak downstream demand [17] Group 3: Textile and Apparel - The apparel sector is experiencing mixed results, with a 1.9% year-on-year increase in retail sales in June, influenced by various factors. Focus is recommended on unique alpha companies and those with significant advantages in sub-sectors [20] - The export sector is recovering, aided by reduced tariffs from the US, although uncertainties remain in US-China tariff negotiations [20] Group 4: Beauty and Personal Care - The beauty sector is facing a decline in retail sales, with a 2.3% year-on-year drop in June. Recommendations include focusing on leading companies with stable mid-year performance and those with significant rebound potential [21] Group 5: Home Appliances - The home appliance sector is seeing a slight decrease in production, with a total of 26.97 million units produced in August, down 4.9% year-on-year. Notably, the global TV shipment volume decreased by 1.5% in the first half of the year, with domestic brands showing growth [22][23] Group 6: Retail and E-commerce - The retail sector is under slight pressure, with supermarkets and department stores facing challenges, while e-commerce is stabilizing at the bottom. Yonghui's recent fundraising plan aims to reduce debt and improve operational efficiency [24] Group 7: Social Services - The tea beverage sector remains high in demand, benefiting from delivery subsidies, while the restaurant industry is stabilizing. The tourism sector maintains high demand, and the education sector shows resilience [25]