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].

S1130518080002 yuan_wei gjzq.com.cn S1130514100001 zhaohc gjzq.com.cn S1130523080002 heguanzhou gjzq.com.cn 投资逻辑 本周医药行情演绎较为缓和，整体温和上行但涨幅弱于其他大部分一级行业。年报一季报落幕，医药板块仍在寻找和 调整方向进程中，预计交易调整完成后新一轮行情即将展开。我们在前期年报一季报复盘报告中指出，医药政策端、 基本面、市场面的压制因素已经基本出清，同时 2024 年医药业绩基数前高后低，基数压力逐季度下降，我们非常看 好 2025 年下半年医药板块成功实现景气度反转，业绩端增速止跌回升，回到增长趋势。 药品：本周，科济药业发布了通用型 CAR-T 的临床数据，海思科的镇痛新药安瑞克芬获批上市。全球生物医药创新 正随着基础科学发现的不断新突破和新技术手段的应用而得到加速发展，包括中国在内的创新药企也将会有更多里程 碑式突破的新分子或治疗手段得到商业化应用。本土创新药企正在日益崭露出国际领先的创新实力，在营收业绩、对 外授权合作以及国际权威会议与期刊上发布的优异临床数据方面都展现出靓丽成果。我 ...

业绩增长稳健，国际化拓展加速 鱼跃医疗(002223) 鱼跃医疗 2024A & 2025Q1 业绩点评 股票研究 /[Table_Date] 2025.04.30 2025-05-07 [Table_Industry] 医药/必需消费 [Table_Invest] 评级： 增持 [Table_Target] 目标价格： 45.47 [Table_CurPrice] 当前价格： 34.46 [Table_Market] 交易数据 [Table_Summary] 维持优于大市评级。公司 2024 年实现收入 75.66 亿元(-5.09%)，归母净 利润 18.06 亿元(-24.63%)，扣非净利润 13.93 亿元(-24.12%)。25Q1 实现 收入 24.36 亿元(+9.17%)，归母净利润 6.25 亿元(-5.26%)，扣非净利润 5.13 亿元(-6.91%)。下调 2025-2026 年预测 EPS 为 1.98/2.28 元（原为 2.48、2.85 元），新增 2027 年预测 EPS 为 2.64 元。考虑公司高基数影 响逐步消化，海外拓展加速，给予 2025 年 PE 23X（原为 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 05 04 年 月 日 鱼跃医疗（002223.SZ） 主业回归常态化轨道，海外市场高速增长 鱼跃医疗发布 2024 年度报告。2024 年公司实现营业收入 75.66 亿元，同比下滑 5.09%；归母净利润 18.06 亿元，同比下滑 24.63%；扣非后归母净利润 13.93 亿 元，同比下滑 24.12%。分季度看，2024Q4 实现营业收入 15.38 亿元，同比增长 17.51%；归母净利润 2.74 亿元，同比增长 33.60%；扣非后归母净利润 1.19 亿 元，同比下滑 28.01%。 鱼跃医疗发布 2025 年度一季报。2025Q1 公司实现营业收入 24.36 亿元，同比增 长 9.17%；归母净利润 6.25 亿元，同比下滑 5.26%；扣非后归母净利润 5.13 亿 元，同比下滑 6.91%。 观点：2024 年业务逐步回归常态化，收入端短期承压主要系同期高基数影响，利 润端表现不及收入端，主要系毛利率波动+期间费用率抬升，及去年同期资产处置 收益较高影响。营销投入持续加大，为新产品开拓市场提供支撑。海外属地化建 设持 ...

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].