Investment Rating - The report assigns an "Outperform" rating to the company, with a target price range of 93.40 - 100.26 RMB, representing an 18% - 27% premium over the current price [2][5] Core Investment Thesis - The company is a leading domestic brand in the home non-invasive ventilator market, with strong global market presence and competitive advantages [2] - Short-term performance recovery is expected as US inventory levels normalize, while long-term growth is supported by expanding global market share [2] - Three key investment logics: 1) Competitive landscape shift creates short-term inflection point 2) Strong industry demand and global expansion potential 3) Core competencies in market access, product strength, and after-sales service [2] Financial Projections - Revenue is projected to grow from 927 million RMB in 2024E to 1.61 billion RMB in 2026E, with a CAGR of 29.7% [2] - Net profit is expected to increase from 207 million RMB in 2024E to 370 million RMB in 2026E [2] - The company's reasonable market value is estimated at 8.36 - 8.98 billion RMB [2] Competitive Landscape - Philips' product recalls have created significant market opportunities, with the company's US shipments surging in 2022 [2] - The company's global market share in home ventilators increased from 4.5% in 2020 to 17.7% in 2022 [42] - In China, the company ranks first among domestic brands with a 25.8% market share in 2022 [44] Market Potential - Global home non-invasive ventilator sales are projected to reach 9.67 million units by 2028, with China accounting for 1.2 million units [2] - OSA and COPD patient populations are growing globally, driven by aging, obesity, and COVID-19 impacts [2] - The company has comprehensive market access in China, US, and Europe, with products covered by insurance in key markets [2] Product Portfolio - The company has a complete product line covering home ventilators, medical devices, and consumables [22] - Home ventilator products include CPAP and BiPAP machines for sleep apnea and COPD treatment [22] - Consumables such as masks and breathing circuits contribute significantly to revenue and profitability [23] Financial Performance - 2024 Q3 revenue showed signs of recovery, increasing 10.5% YoY to 220 million RMB [28] - Gross margin improved to 51.2% in 2024 Q1-3, driven by higher contribution from high-margin consumables [35] - R&D expenses increased to 15.1% of revenue in 2024 Q1-3, reflecting continued product innovation efforts [33] Global Expansion - The company has established subsidiaries in multiple countries and regions, with products sold in over 100 markets [16] - In the US market, the company works with exclusive distributor React Health, with inventory levels gradually normalizing [48] - European market expansion is progressing, with ongoing efforts to secure insurance reimbursement coverage [28]
怡和嘉业：国产呼吸健康管理领军品牌，持续深耕全球市场