证券研究报告 | 公司更新 | 医疗器械 美好医疗(301363) 报告日期：2025 年 08 月 27 日 业绩有望反转，新业务加速发展 ——美好医疗更新报告 投资要点 家用呼吸机与人工耳蜗组件龙头企业，短期关税扰动消退叠加中长期血糖、脑 机接口、机器人等新产品/应用场景拓展，2025 年 H2 净利率修复叠加新业务放 量有望拉动业绩高增。 关税扰动消退，基石业务有望恢复 2025H1 公司海外收入占比约 87%，关税等政策扰动下，2025 年 H1 公司家用呼 吸机组件收入下滑 2.8%，人工植入耳蜗收入下滑 7.5%，高毛利率的基石业务收 入下滑导致公司毛利率与净利率下降，利润增速下滑，2025 年 H1 公司归母净利 润 1.14 亿元（yoy-32.44%），其中 Q2 净利润同比-43.83%。我们认为，Q3 关税 暂停等催化下，公司发货有望快速恢复，叠加马来西亚三期基地将于 2025 年底 投产，供应链抗风险能力提升，高毛利率的基石业务回暖有望拉动公司收入利润 快速增长。 CGM+胰岛素笔放量，新品拉动已现 新品快速放量，新增收入拉动已现。2025 年 H1 公司其他医疗产品组件收入 0.76 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 24.48 CNY, based on a projected 36 times price-to-earnings ratio for 2025 [4][6]. Core Insights - The company's revenue and gross margin forecasts have been revised downwards, with expected net profits for 2025-2027 at 391 million, 473 million, and 567 million CNY respectively, reflecting a long-term growth potential driven by strong competitiveness in respiratory and cochlear implant businesses [4][10]. - Despite a challenging performance due to geopolitical factors, the company has shown promising growth in emerging businesses, particularly in blood glucose management, which is anticipated to become a significant growth driver [10]. - The expansion of production capacity in Malaysia is expected to enhance supply chain stability and strengthen long-term relationships with international clients [10]. Financial Performance Summary - Revenue for 2023 is projected at 1,338 million CNY, with a year-on-year decline of 5.5%, followed by a recovery with expected growth rates of 19.2%, 18.6%, 18.2%, and 18.3% for the subsequent years [5][12]. - The gross margin is expected to stabilize around 41.5% to 41.8% from 2025 to 2027, while net profit margins are projected to decline slightly from 23.4% in 2023 to around 21.4% by 2027 [5][12]. - The company’s earnings per share are forecasted to increase from 0.55 CNY in 2023 to 1.00 CNY by 2027, indicating a positive trend in profitability [5][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown strong revenue growth driven by multiple product lines, with a strategic focus on expanding its overseas presence [4] - The recovery of the respiratory therapy business and the introduction of new products such as blood glucose management devices are expected to contribute positively to future performance [5][6] - The company is actively pursuing long-term growth strategies in high-potential markets, including blood glucose management and cardiovascular devices [6] Financial Performance Summary - In 2024, the company achieved a revenue of 1.594 billion yuan, representing a year-on-year growth of 19.19% [5] - The net profit attributable to the parent company for 2024 was 364 million yuan, up 16.11% year-on-year [5] - The company reported a significant increase in quarterly performance, with Q4 2024 revenue reaching 438 million yuan, a year-on-year increase of 48.71% [6] Business Segment Analysis - The home respiratory machine components business generated 1.089 billion yuan in revenue, a growth of 25.58% year-on-year [6] - New product lines, including blood glucose management devices, are entering the market, with the company having launched insulin pens and CGM components [6] - The company is expanding its production capacity overseas, with new facilities in Malaysia expected to enhance global delivery capabilities [6] Profitability and Valuation Metrics - The company's gross margin for 2024 was 42.08%, with a net profit margin of 22.82% [6] - Earnings per share (EPS) are projected to grow from 0.89 yuan in 2025 to 1.87 yuan by 2027 [4] - The company is expected to maintain a high growth trajectory, with revenue forecasts of 2.036 billion yuan in 2025 and 3.199 billion yuan in 2027 [6] Strategic Initiatives - The company has implemented a stock incentive plan aimed at aligning the interests of shareholders and employees, with targets for revenue and profit growth set for 2025-2027 [6] - The focus on high-barrier technology markets is expected to create additional value growth opportunities [6]

报名：首届全球骨科大会 | 议程更新 报名：首届全球心血管大会 | 重磅亮点 合作伙伴征集：2025全球手术机器人大会 2025年4月18日， 美好医疗 发布了2024年年报。 # 财报数据 # 关于美好医疗 营业收入 ： 2024 年实现营业收入 15.94 亿 元，同比增长 19.19% 。 其中，医疗业务收入 13.43 亿 元，占比 84.23%，同比增长 24.53%；非医疗业务收入 2.51 亿元，占比 15.77%，同比下降 3.04%， 医疗业务是推动公司整体营收上升的主要动力。 净利润 ： 归属于上市公司股东的净利润为 3.64 亿 元，同比增长 16.11% ； 扣除非经常性损益后的净利 润为 3.5 亿元，同比增长 20.37%，表明公司核心业务盈利能力增强，盈利质量有所提高。 每股收益 ：基本每股收益为 0.9 元，较 2023 年的 0.77 元增长 16.88%；扣除非经常性损益后的每股收 益为 0.86 元，显示公司在剔除偶然因素后，每股盈利水平依然保持增长，为股东创造了更高的价值。 资产与负债 ：总资产 39.22 亿元，较上年末增长 11.31%；归属于上市公司股东的净资产 ...

分别在 2016 年、2018 年获得深圳市科创委技术攻关项目资助 市场与合作 报名：首届全球骨科大会 | 议程更新 报名：首届全球心血管大会 | 重磅亮点 合作伙伴征集：2025全球手术机器人大会 2025年4月18日， 美好医疗 发布了2024年年报。 # 财报数据 # 关于美好医疗 深圳市美好创亿医疗科技股份有限公司成立于 2010 年，总部位于深圳市龙岗区。公司主要产品包含一次性 使用无菌混合喷药装置、聚醚醚酮（PEEK）颅颌面固定板、一次性结扎夹等。还从事精密模具、自动化设 备、智能制造系统的设计、开发、生产及销售，以及医用植入金属材料、高分子材料、硅胶材料的制造等。 产品和技术 营业收入 ： 2024 年实现营业收入 15.94 亿 元，同比增长 19.19% 。 其中，医疗业务收入 13.43 亿 元，占比 84.23%，同比增长 24.53%；非医疗业务收入 2.51 亿元，占比 15.77%，同比下降 3.04%， 医疗业务是推动公司整体营收上升的主要动力。 净利润 ： 归属于上市公司股东的净利润为 3.64 亿 元，同比增长 16.11% ； 扣除非经常性损益后的净利 润为 3.5 亿元， ...