证券日报网讯重药控股8月26日在互动平台回答投资者提问时表示，公司下属部分公司涉及医疗器械产 品创新，目前部分产品如留置针产品系列、新一代安全采血针系列及AED产品已经实现上市销售，安 全输液器产品已经进入市场准入上市阶段，其他产品处于申报、注册等相关阶段。 （文章来源：证券日报） ...

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].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 45.47, down 8% from previous estimates [1][8]. Core Insights - The company experienced a revenue decline of 5.09% in 2024, totaling RMB 7.57 billion, with a net profit attributable to shareholders of RMB 1.81 billion, down 24.63% [1][8]. - In Q1 2025, the company reported a revenue increase of 9.17% to RMB 2.44 billion, while net profit decreased by 5.26% to RMB 625 million [1][8]. - The EPS forecast for 2025 and 2026 has been lowered to RMB 1.98 and RMB 2.28, respectively, with a new forecast for 2027 set at RMB 2.64 [1][8]. Financial Summary - The company’s revenue for 2024 is projected at RMB 7.57 billion, with a net profit of RMB 1.81 billion and a recurring net profit of RMB 1.39 billion [2]. - The revenue growth rates for the upcoming years are expected to be 11.9% in 2025, 13.2% in 2026, and 12.9% in 2027 [2]. - The net profit attributable to shareholders is expected to recover to RMB 1.98 billion in 2025, with a growth of 9.8% [2]. Business Performance - The respiratory solutions segment saw a revenue decline of 22.42% in 2024, totaling RMB 2.60 billion, primarily due to high base effects from 2023 [4][9]. - The glucose management and POCT solutions segment experienced significant growth, with revenue increasing by 40.20% to RMB 1.03 billion in 2024 [10]. - The company’s export revenue reached RMB 949 million in 2024, marking a year-on-year increase of 30.42%, supported by strategic investments and enhanced overseas channels [11].

Investment Rating - The investment rating for Yuyue Medical is "Buy" [6] Core Views - The business is gradually returning to a normalized trajectory in 2024, with short-term revenue pressure primarily due to high base effects from the previous year. Profit performance is lagging behind revenue due to fluctuations in gross margin and increased expense ratios, as well as high asset disposal gains in the previous year. Increased marketing investments are supporting market expansion for new products. The overseas localization efforts are continuously improving, with significant growth in export revenue, particularly in key products like ventilators [1][2][3]. Summary by Sections Financial Performance - In 2024, Yuyue Medical achieved operating revenue of 7.566 billion yuan, a year-on-year decline of 5.09%. The net profit attributable to the parent company was 1.806 billion yuan, down 24.63% year-on-year. The first quarter of 2025 saw operating revenue of 2.436 billion yuan, an increase of 9.17% year-on-year, while net profit decreased by 5.26% [1][2][4]. Segment Performance - The blood glucose segment led growth with revenue of 1.03 billion yuan, a year-on-year increase of 40.20%. The respiratory therapy segment reported revenue of 2.597 billion yuan, down 22.42% due to previous year's demand fluctuations, although home respiratory devices still showed growth. Clinical instruments and rehabilitation generated 2.093 billion yuan, up 0.24% [3]. Overseas Market Expansion - Export revenue reached 949 million yuan in 2024, a year-on-year increase of 30.42%. The company has over 1,000 personnel in its overseas sales team, enhancing channel expansion and localization efforts. Key products are making significant inroads in overseas markets, particularly in Southeast Asia, Europe, and South America [3]. Profit Forecast and Investment Suggestions - Revenue forecasts for 2025-2027 are 8.459 billion, 9.479 billion, and 10.611 billion yuan, with year-on-year growth rates of 11.8%, 12.1%, and 11.9% respectively. Net profit attributable to the parent company is projected to be 2.006 billion, 2.241 billion, and 2.521 billion yuan, with growth rates of 11.1%, 11.7%, and 12.5% respectively [4][5].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company reported a revenue of 7.566 billion RMB in 2024, a decrease of 5% year-on-year, and a net profit of 1.806 billion RMB, down 24% year-on-year [2]. - The company has shown strong performance in the blood glucose management and emergency response sectors, with a revenue increase of 40.2% in the blood glucose management and POCT solutions business [3]. - The company has entered a strategic partnership with Inogen to accelerate overseas market expansion, achieving a 30.42% increase in export revenue in 2024 [4]. Performance Summary - In Q4 2024, the company achieved a revenue of 1.538 billion RMB, an 18% increase year-on-year, and a net profit of 274 million RMB, a 34% increase year-on-year [2]. - For Q1 2025, the company reported a revenue of 2.436 billion RMB, a 9% increase year-on-year, but a slight decline in net profit by 5% [2]. Revenue Breakdown - The respiratory therapy solutions segment generated 2.597 billion RMB in 2024, down 22.42% year-on-year, while the blood glucose management and POCT solutions segment saw a revenue of 1.030 billion RMB, up 40.2% [3]. - The clinical instruments and rehabilitation business achieved a revenue of 2.093 billion RMB, a slight increase of 0.24% year-on-year [3]. Future Projections - The company is projected to achieve net profits of 2.025 billion RMB, 2.332 billion RMB, and 2.690 billion RMB for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 12%, 15%, and 15% [5][10].