根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本资料进行任何形式的 转发。若您不是华创证券客户中的金融机构专业投资者，请勿订阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 行业：糖尿病患者高基数+慢性病属性产生巨大诊疗需求，器械技术迭代造就广阔市场。 IDF（国际 糖尿病联盟）预计2050年全球糖尿病患者数量将达到8.53亿人，并持续增长。糖尿病患者基数大，加 上其作为慢性病的特点，使得糖尿病成为医疗器械行业的重要市场。 1）监测：技术迭代带来新机遇，CGM海内外成长空间巨大。 CGM（连续血糖监测）相比BGM（传 统指尖血检测）优势显著，技术迭代带来巨大的市场机遇。根据灼识咨询数据，全球CGM市场规模将 从2020年的57亿美元增长至2030年的365亿美元。 2）治疗：贴敷式胰岛素泵快速发展，人工胰腺有望成为未来主流。 胰岛素泵是新一代胰岛素给药设 备，其中贴敷式具有更强的可用性和更高的患者依从性，市场占比有望提升，代表企业Insulet收入持 续高增长。闭环人工胰腺可以最大程度接近胰腺的 ...

Investment Rating - The report maintains a "Strong Buy" rating for Yuyue Medical (002223.SZ), expecting the stock to outperform the market by over 20% within the next six months [12]. Core Views - Yuyue Medical is positioned as a leading player in the domestic medical device industry, with significant product and quality advantages. The brand is well-recognized, and the company is expanding its product range and market presence, enhancing its overall competitive and risk resilience [8][12]. - The company is experiencing a return to normalized growth after facing pressure from high base effects in previous years. The report highlights the company's strategic focus on innovation and international expansion as key drivers for future growth [5][8]. Financial Performance Summary - In 2024, Yuyue Medical reported a revenue of 75.66 billion yuan, a year-on-year decrease of 5.09%, and a net profit of 18.06 billion yuan, down 24.63% year-on-year. For Q1 2025, revenue was 24.36 billion yuan, up 9.17% year-on-year, with a net profit of 6.25 billion yuan, down 5.26% year-on-year [4][5]. - The company’s revenue is projected to grow to 87.59 billion yuan in 2025, with a compound annual growth rate (CAGR) of 15.8% from 2024 to 2025. Net profit is expected to recover to 21.04 billion yuan in 2025, reflecting a year-on-year growth of 17.4% [10][11]. Business Segment Performance - The respiratory therapy solutions segment generated revenue of 25.97 billion yuan, down 22.42% year-on-year due to high base effects, while home respiratory devices and nebulizers showed growth. The company continues to innovate in the oxygen machine sector, maintaining its market leadership [5][8]. - The blood glucose management and POCT solutions segment performed strongly, with revenue of 10.30 billion yuan, a year-on-year increase of 40.20%. The continuous glucose monitoring (CGM) products saw over 100% growth, driven by market expansion and product updates [5][8]. - The home health monitoring solutions segment reported a slight revenue decline of 0.41% to 15.64 billion yuan, with electronic blood pressure monitors achieving double-digit growth [6][8]. - The clinical instruments and rehabilitation solutions segment achieved revenue of 20.93 billion yuan, a modest increase of 0.24%, while the emergency solutions segment grew significantly by 34.05% to 2.39 billion yuan [8]. Financial Projections - The report projects the following financial metrics for Yuyue Medical: - Revenue: 87.59 billion yuan in 2025, 101.04 billion yuan in 2026, and 118.05 billion yuan in 2027 [10]. - Net Profit: 21.04 billion yuan in 2025, 24.47 billion yuan in 2026, and 28.57 billion yuan in 2027 [10]. - EPS (Earnings Per Share): Expected to be 2.11 yuan in 2025, 2.44 yuan in 2026, and 2.85 yuan in 2027 [10][11].