经济观察网8月25日，商务部发布消息，2025年8月18日，巴西外贸秘书处在官方日报发布2025年第64号 公告，决定终止对进口自中国的雾化器(葡萄牙语：Nebulizadores，南共市税号为90192020)的反倾销调 查，不采取措施。公告自发布之日起生效。 ...

证券研究报告 梁裕 liangyu@huayuanstock.com 市场表现： | 基本数据 | | | 2025 | 年 | 08 | 月 25 日 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 37.66 | | | 一 内 / 最 低 | 最 | 高 | | | | 42.08/30.05 | 年 | | （元） | | | | | | | | | 总市值（百万元） | | | | | | 37,753.28 | | | 流通市值（百万元） | | | | | | 35,406.36 | | | 总股本（百万股） | | | | | | 1,002.48 | | | 资产负债率（%） | | | | | | 18.81 | | | 每股净资产（元/股） | | | | | | 13.27 | | | 资料来源：聚源数据 | | | | | | | | 医药生物 | 医疗器械 非金融|公司点评报告 hyzqdatemark 2025 年 08 月 25 日 证券分析师 刘闯 SAC：S13505240 ...

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].

Group 1: R&D Investment and Strategy - The company plans to continue increasing R&D investment, focusing on key product areas and AI strategic layout [1] - A complete R&D pipeline is in place, with budget decisions based on mid-to-long-term strategies [1] - The company has accumulated 26 years of clinical experience, aiming to develop medical-grade wearable devices [2] Group 2: Revenue Growth and Market Expansion - Future growth points include respiratory therapy, blood glucose management, POCT, home health monitoring, and emergency care, with an active expansion into overseas markets [2] - The company achieved a total revenue of CNY 75.66 billion and a net profit of CNY 18.06 billion in 2024 [8] - In Q1 2025, the company reported a revenue of CNY 24.36 billion and a net profit of CNY 6.25 billion [8] Group 3: Competitive Positioning and Market Challenges - The company faces competition from major players like Abbott in the CGM market, with a current market share that is expected to grow [11] - The overseas business has seen a 30% revenue increase, primarily driven by regions like Southeast Asia, Europe, and South America [11] - The company is monitoring the impact of high tariffs in the U.S. on its overseas business and is developing risk management strategies [11] Group 4: Brand and Market Perception - The company emphasizes the importance of brand strength, product quality, and service in enhancing its market position [4] - The company’s goodwill stands at CNY 1.107 billion, accounting for less than 7% of total assets, indicating manageable impairment risks [4] Group 5: Future Outlook and Goals - The company aims to be among the top three in the global home healthcare market, with current contributions from home customers being evaluated [3] - The company is committed to long-term strategies and organic growth, alongside potential acquisitions to drive business expansion [6] - The company acknowledges that its current P/E ratio is undervalued, which may affect market perception [10]

Core Viewpoint - The company is optimistic about its future growth, driven by innovation in product development and strategic partnerships, particularly in the respiratory treatment and health monitoring sectors. Group 1: Financial Performance - In 2024, the company achieved a total revenue of 7.566 billion yuan and a net profit of 1.806 billion yuan. In the first quarter of 2025, revenue was 2.436 billion yuan with a net profit of 625 million yuan [18]. - The company experienced a decline in revenue and net profit in 2023 due to fluctuations in public demand, but expects growth in 2024 compared to 2022 [5][6]. Group 2: Product Development and Market Strategy - The respiratory treatment solutions segment includes oxygen concentrators, ventilators, and nebulizers, with oxygen concentrators holding the largest market share. The company has launched innovative products like the third-generation sleep ventilator and portable oxygen concentrators [1]. - The home health monitoring segment, primarily consisting of electronic blood pressure monitors, has seen a double-digit growth year-on-year in 2024 [1]. - The company is committed to increasing R&D investment to enhance product technology and market competitiveness [2][6]. Group 3: Market Expansion and International Business - The company is actively expanding its overseas market presence, particularly in Southeast Asia, Europe, and South America, with a 30% revenue growth from international sales [5]. - In 2024, overseas revenue accounted for 12.54% of total revenue, with a focus on strengthening local talent and cultural collaboration in these regions [5]. Group 4: Strategic Partnerships and Acquisitions - The partnership with Inogen is aimed at leveraging both companies' resources for long-term strategic collaboration in the respiratory treatment solutions sector [3]. - The company is exploring investment and acquisition opportunities to enhance its business growth and integrate key resources [6][12]. Group 5: Future Goals and Vision - The company aims to achieve over 10 billion yuan in revenue and a market capitalization exceeding 100 billion yuan by 2025, with a long-term vision to be among the top three in the global home healthcare market by 2030 [7][10]. - The company emphasizes the importance of brand strength and customer experience as core components of its growth strategy [36].

Group 1: Impact of Tariffs on Guangdong Industries - Since April, the U.S. has imposed tariffs that have significantly impacted global trade, prompting Guangdong, China's largest economy and foreign trade province, to actively respond [1] - Various industries in Guangdong, including home furnishings, small appliances, and textiles, are adapting by exploring new development paths and leveraging platforms like the Canton Fair [1][2] - Companies are focusing on high-end customized products, building their own brands, and enhancing bargaining power while tapping into domestic demand and expanding overseas production capacity [1] Group 2: Market Strategy Adjustments - Companies like Hengjia Craft Products have shifted their market focus to Europe, particularly France, achieving substantial order volumes by aligning products with regional cultural demands [2] - Guangdong small appliance firms are targeting Southeast Asia and the Middle East, with companies like Xinyuntao Technology actively seeking new customers at trade fairs [3] - The strategy of transitioning from single-function products to scene-adapted offerings is being adopted by companies to better meet market demands [4][5] Group 3: Domestic Market Exploration - Companies are increasingly recognizing the potential of the domestic market, with some, like Shenzhen's Innovation Micro-Yue, pivoting their business focus to local consumers [5][6] - The toy industry in Guangdong is noted for its robust supply chain, making it difficult for U.S. markets to shift away from reliance on Chinese production [6] - Water product exporters, such as Guolian Aquatic Products, are adapting by offering high-quality products at competitive prices to domestic consumers [6][7] Group 4: Overseas Production and Bargaining Power - The ceramics industry in Guangdong is undergoing transformation, with companies like Kabuqichino investing in overseas production facilities to mitigate tariff impacts [8][9] - Lighting companies are enhancing their bargaining power and exploring new markets while establishing overseas production bases to reduce tariff effects [10][11] - The trend of relocating production to regions like Southeast Asia is growing, with companies like Zhaoming Technology acquiring local firms to facilitate production and distribution [11] Group 5: U.S. Market Concerns - U.S. businesses are increasingly anxious about the impact of tariffs, with associations warning that the new policies could destabilize local economies reliant on Chinese imports [12][14] - The wedding dress industry in the U.S. is particularly affected, with a significant portion of production occurring in China, leading to increased costs and supply chain delays [13][14] - The overall sentiment among U.S. retailers and consumers indicates a growing realization of the interdependence between U.S. and Chinese industries, emphasizing the unstoppable trend of economic globalization [14]

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 "Outperform" with a target price of RMB 45.47, down 8% from previous estimates [1][8]. Core Views - The company experienced a revenue decline of 5.09% in 2024, totaling RMB 7.57 billion, and a net profit drop of 24.63% to RMB 1.81 billion. However, Q1 2025 showed a revenue increase of 9.17% to RMB 2.44 billion, indicating a potential recovery [1][8]. - The report highlights the impact of high base effects on revenue, particularly in respiratory solutions, while noting strong growth in glucose management and emergency solutions [9][10]. - Strategic investment in Inogen is expected to enhance overseas expansion and brand strength, with export revenue growing by 30.42% in 2024 [11]. Financial Summary - Revenue for 2024 is projected at RMB 7.57 billion, with a forecasted increase to RMB 8.46 billion in 2025, representing an 11.9% growth [2]. - Net profit attributable to shareholders is expected to recover to RMB 1.98 billion in 2025, up from RMB 1.81 billion in 2024 [2]. - The company’s EPS forecast for 2025 is revised to RMB 1.98, with a new estimate for 2027 at RMB 2.64 [1][2]. Business Segments - Respiratory solutions revenue decreased by 22.42% in 2024 to RMB 2.60 billion, affected by fluctuations in public demand [9]. - Glucose management and POCT solutions saw a significant revenue increase of 40.20% to RMB 1.03 billion, driven by product upgrades and market expansion [10]. - Emergency solutions revenue grew by 34.05% to RMB 239 million, reflecting strong demand for newly certified products [10]. Strategic Initiatives - The strategic investment in Inogen aims to accelerate international market penetration and enhance the company's export capabilities [11]. - The company is focusing on building trust and cooperation with overseas clients, which is expected to yield comprehensive progress in key regions [11].

Core Viewpoint - The company, Jiangsu Lude Medical Electronics Co., Ltd., reported a revenue increase of 4.66% in 2024, but experienced a decline in net profit by 13.08%, indicating challenges in profitability despite revenue growth [1][2]. Financial Performance - The company achieved operating revenue of 344.60 million in 2024, up from 329.26 million in 2023, reflecting a growth of 4.66% [1][2]. - The net profit attributable to shareholders was 27.54 million, down 13.08% from 31.69 million in the previous year [1][2]. - The net profit after deducting non-recurring gains and losses was 26.21 million, a decrease of 12.64% compared to 30.00 million in 2023 [1][2]. - The weighted average return on equity based on net profit attributable to shareholders was 7.00%, down from 8.19% in 2023 [1]. - Basic earnings per share decreased to 0.16 from 0.18, reflecting a decline of 13.08% [1]. Business Overview - Jiangsu Lude Medical focuses on the research, development, production, and sales of home medical devices and healthcare products [5]. - The company has been listed on the Beijing Stock Exchange since November 15, 2021, after being one of the first 32 companies to go public on the selected tier [5]. - The main product categories include home medical devices such as blood pressure monitors, nebulizers, and thermometers, as well as healthcare products related to family health management [6]. Cash Flow and Assets - The net cash flow from operating activities was 13.03 million, showing a significant decline of 61.70% year-on-year [5]. - As of the end of 2024, total assets amounted to 530 million, an increase of 7.94% compared to the previous year [5]. - The equity attributable to shareholders was 400 million, reflecting a growth of 2.61% [5]. Research and Development - The company continued to invest in research and development, with R&D expenses increasing by 4.33% in 2024, aimed at product innovation and technological upgrades [5]. Market Expansion - The company actively expanded its overseas market presence, achieving significant sales growth through cross-border e-commerce platforms [5]. - In 2024, several products received EU MDR CE certification and MDSAP certification, enhancing competitiveness in international markets [5].

Investment Rating - The report maintains a "Buy" rating for Yuyue Medical [2][10] Core Views - The company reported a better-than-expected Q1 2025 performance, with revenue of 2,436 million yuan, a year-on-year increase of 9.2%, and a net profit of 625 million yuan, a decrease of 5% [10] - The report highlights the company's product strength enhancement and accelerated overseas expansion as key growth drivers [10] - The company experienced a decline in revenue from COVID-related products in 2024, but other product lines showed growth, particularly in blood glucose management and emergency medical devices [10] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 7,566 million yuan, with a year-on-year decline of 5.1%, while the forecast for 2025 is 8,730 million yuan, representing a growth of 15.4% [9][11] - The net profit for 2024 is expected to be 1,806 million yuan, down 24.6%, with a forecasted increase to 1,956 million yuan in 2025, reflecting an 8.3% growth [9][11] - The report provides a detailed breakdown of revenue growth across various product lines, indicating a strong performance in blood glucose management and emergency medical devices [10]