丨证券研究报告丨 公司研究丨点评报告丨美好医疗（301363.SZ） [Table_Title] 短期业绩影响波动较大，新业务进展顺利 报告要点 [Table_Summary] 2025 年上半年业绩符合预期，基石业务短期有所波动。2025 年上半年公司收入 7.33 亿元，其 中家用呼吸机组件收入 4.36 亿元，同比下滑 2.76%；人工耳蜗收入 5977.01 万元，同比下滑 7.53%；其他医疗组件收入 7571.80 万元，同比增长 54.41%，主要是由于血糖新产品的放量， 其中在胰岛素笔项目上，目前可调式胰岛素注射笔已实现批量交付，供货顺畅；已与客户签订 减肥笔订单。在 CGM 产品上，2025 年二季度起公司开始批量交付 CGM 产品，后续订单有望 逐步释放。公司持续扩展新业务，在脑机接口和机器人等领域前瞻性布局。 分析师及联系人 [Table_Author] 彭英骐 徐晓欣 SAC：S0490524030005 SAC：S0490522120001 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 美好医疗（301363.S ...

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， ...

8月23日，家用医疗器械龙头鱼跃医疗（002223.SZ）发布2025年半年度报告。公告显示，上半年公司深 度布局"AI+医疗"产业生态，聚焦人工智能与医疗健康的深度融合，以"硬件+AI+生态"加速打通医疗与 家庭边界，实现营业收入46.59亿元，同比增长8.16%，归母净利润12.03亿元，同比增长7.37%。 面对前所未有的时代机遇，鱼跃医疗积极拥抱技术革新浪潮，将人工智能等前沿技术应用到产品研发、 公司运营管理等工作中，围绕数字化、可穿戴化两大核心发展方向，构建完善产品生态体系。同时在全 球化战略方向，公司持续推动海内外渠道建设、国际化人才培育、海外市场准入等工作，聚焦全球市场 的巨大潜力，致力于成为全球医疗器械领域的领先企业。 锚定三大战略坐标：全球化、数字化、可穿戴化 深耕家用医疗器械领域近三十年，鱼跃医疗持续扩大技术优势，打造深得国民信赖的专业品牌形象，并 连续多年保持着国内家用医疗器械市场领先地位。随着企业规模与产品竞争力的提升，鱼跃医疗积极走 出国门，以全球视野参与国际竞争，并在全球化的浪潮中实现企业持续升级进化。 作为医疗器械领域家用赛道极具影响力的品牌，今年618期间，鱼跃医疗再次蝉联家用 ...

Financial Performance - In the first half of 2025, the company achieved revenue of 733 million CNY and a net profit attributable to shareholders of 114 million CNY, with a net profit of 129 million CNY after excluding share-based payment impacts [2] - The home and consumer electronics components segment saw a year-on-year revenue growth of 35.69%, while other medical product components experienced a 54.41% increase [2] Strategic Development - The company is focusing on long-term strategic development in emerging sectors such as blood glucose management, IVD, and cardiovascular fields, increasing investments in R&D, talent acquisition, and sales team development [2] - The company plans to enhance its strategic investments in emerging business areas and systematically advance the construction of professional talent teams and core technology capabilities [2] Overseas Expansion - The Malaysia Phase III project is expected to be completed by the end of the year, with production commencing based on customer demand [3] - The current capacity utilization rate at the Malaysia facility remains healthy, sufficient to meet existing customer needs [3] Mergers and Acquisitions - The company is actively pursuing mergers and acquisitions, focusing on industry chain collaboration, technology expansion, and global layout, with a dedicated investment and acquisition team in place [4] Product Development - The company has successfully delivered adjustable insulin injection pens to international clients and is expanding its customer base for GLP-1 products and CGM business [5] - The CGM products began mass delivery in Q2 2025, with expectations for gradual order release [5] Regulatory Compliance - The company is adapting to the increasing demand for localized supply chains due to deepening medical device procurement policies, collaborating with major clients under the MAH policy framework [6] Technological Innovation - The company is a strategic partner and core supplier for global cochlear implant manufacturers, actively monitoring developments in brain-computer interface (BCI) technologies [7] - In the robotics sector, the company is exploring development paths for humanoid robots and has begun small-scale supply of surgical robots to domestic and international clients [8]

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 [5] Core Views - The company's 2024 revenue reached 4.443 billion yuan, a year-on-year increase of 9.47%, with a net profit attributable to shareholders of 326 million yuan, up 14.73% year-on-year [1] - The sales of Continuous Glucose Monitoring (CGM) products are expected to accelerate, with projected sales of approximately 300 million yuan in 2024 [2][3] - The company has established a global sales network and is expected to see improvements in its overseas subsidiaries, indicating potential for international expansion [3] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 4.443 billion yuan, with a net profit of 326 million yuan and a non-recurring net profit of 295 million yuan [1] - The Q4 revenue was 1.261 billion yuan, showing a year-on-year growth of 23.22%, while Q1 2025 revenue was 1.042 billion yuan, a year-on-year increase of 2.76% [1][2] Business Segments - Blood Glucose Monitoring (BGM) revenue for 2024 was 3.321 billion yuan, reflecting a year-on-year growth of 15.58% [2] - The company anticipates steady growth in its BGM business for 2025, supported by a robust product system and distribution network [2] CGM Product Development - The company is a leading player in the domestic CGM market, with its products launched in 2023 and expected to see significant sales growth [2] - The second-generation CGM products are anticipated to be launched soon, further enhancing the product lineup [2] International Expansion - The company has received CE certification for its CGM products and is in the process of entering markets in Western and Northern Europe [3] - An FDA application for the CGM products has been submitted, with expectations for approval in 2025 [3] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025 is set at 431 million yuan, with a downward adjustment for 2026 to 523 million yuan [3] - The company is recognized as the leading brand in domestic blood glucose monitoring, with promising prospects for international business [3]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 29.64 [6][7]. Core Views - The company reported a revenue of RMB 10.42 million and a net profit attributable to the parent company of RMB 0.72 million in Q1 2025, reflecting a year-on-year growth of 2.8% in revenue but a decline of 10.9% in net profit [1]. - The decline in profit is attributed to the temporary capacity optimization work at the overseas subsidiary PTS, which is expected to return to normal operations in the first half of 2025, leading to improved profit growth in subsequent quarters [1]. - The company’s core business in BGM is performing well, and the commercialization efforts for CGM both domestically and internationally are progressing positively, indicating a favorable outlook for 2025 [1][2]. Summary by Sections Revenue and Profitability - The company’s revenue is projected to grow steadily, with expectations of reaching RMB 4.9 billion in 2025, representing a 10.27% increase from the previous year [10]. - The net profit attributable to the parent company is forecasted to be RMB 440.13 million in 2025, showing a significant year-on-year growth of 34.89% [10]. Business Segments - The BGM business is expected to see stable growth due to the clear demand for blood glucose monitoring among diabetes patients and the company's leading brand strength in the industry [2]. - The PTS segment is anticipated to achieve profitability in 2025 as capacity optimization efforts conclude and market influence continues to grow [2]. - The Trividia segment is also expected to be profitable in 2025, driven by ongoing cost reduction and efficiency improvement initiatives [2]. CGM Commercialization - The CGM products are showing strong sales performance domestically, with an estimated sales revenue of approximately RMB 100 million in Q1 2025, and expectations to reach RMB 400-600 million in total sales for 2025 [3]. - In the European market, the company is actively pursuing medical insurance access and commercial promotion, with positive progress expected in major countries [3]. - The company is in the FDA registration phase for its CGM products in the U.S., with expectations to receive approval in the second half of 2025 [3]. Valuation - The company is valued at a PE ratio of 38x for 2025, compared to the industry average of 28x, reflecting its position as a leader in the domestic blood glucose monitoring market [4]. - The target price remains unchanged at RMB 29.64, indicating potential upside from the current market price [4].

证券研究报告 三诺生物 (300298 CH) 风险提示：核心产品销售不达预期，核心产品研发进度低于预期。 收入平稳增长，看好后续改善 | 华泰研究 | | | 季报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 医疗器械 | 公司 1Q25 实现收入/归母净利 10.42/0.72 亿元（yoy+2.8%/-10.9%）。我们 推测公司 1Q25 利润端同比下滑主因海外子公司 PTS 阶段性推进产能优化 工作拖累利润释放，叠加海外子公司 1Q24 利润贡献基数较高。考虑 PTS 产能优化工作有望于 1H25 结束后重回正常经营轨道，公司后续季度利润同 比增速有望边际改善。公司 1Q25 经营现金流量净额 1.97 亿元（同比转正）， 现金流水平持续向好。考虑公司 BGM 核心主业发展良好，CGM 海内外商 业化工作积极推进，我们看好公司 25 年业绩保持向好发展。维持"买入"。 BGM 主业收入稳健增长，看好海外子公司 25 年实现规模性盈利 1）血糖监测系统：我们推测若剔除心诺健康并表及 CGM 销售贡献，公司 BGM 业务 1Q25 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in the coming years [5][12]. Core Insights - The company reported a revenue of 1.042 billion RMB in Q1 2025, showing a year-on-year increase of 2.76%, while the net profit attributable to the parent company was 72.12 million RMB, a decrease of 10.90% year-on-year [3]. - The increase in sales expenses, which rose by 19.57% year-on-year to 289 million RMB, is aimed at promoting the new Continuous Glucose Monitoring (CGM) products domestically and internationally, indicating a focus on innovation and market expansion despite short-term profit pressures [3]. - The second-generation CGM product has been approved, featuring improvements in design and user experience, which is expected to enhance market competitiveness [3]. - A distribution agreement has been signed with A. MENARINI DIAGNOSTICS S.r.l. for exclusive distribution of the CGM systems in over 20 European countries, indicating potential for rapid sales growth in overseas markets [4]. Financial Projections - The projected net profits for the company from 2025 to 2027 are 476 million RMB, 567 million RMB, and 691 million RMB, representing year-on-year growth rates of 46%, 19%, and 22% respectively [5]. - The expected price-to-earnings (P/E) ratios for the years 2025, 2026, and 2027 are 26, 22, and 18 times, respectively, suggesting a favorable valuation outlook [5]. Company Overview - The company’s revenue is projected to grow from 4.059 billion RMB in 2023 to 6.960 billion RMB in 2027, with a compound annual growth rate (CAGR) of approximately 17.69% [10]. - The net profit is expected to recover from a decline in 2023 to 691 million RMB by 2027, reflecting a strong recovery trajectory [10].