Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The report identifies the company as a leading domestic respiratory machine manufacturer with significant growth potential due to its competitive product performance and cost advantages. The company is expected to benefit from the exit of major competitors in the overseas market and the increasing domestic penetration of home respiratory machines [1][7][8]. Summary by Sections Company Overview - The company has established itself as a leader in the domestic market for home non-invasive respiratory machines and ventilation masks, holding a market share of 15.6% in 2020, second only to ResMed and Philips [1][8]. - The company has a comprehensive product line and has received multiple certifications, including NMPA, FDA, and CE, allowing it to sell products in over 100 countries [9]. Market Potential - The global market for home non-invasive respiratory machines is projected to reach USD 5.577 billion by 2025, with a CAGR of 15.5%, driven by the increasing prevalence of chronic respiratory diseases such as OSA and COPD [1][7]. - The exit of major players like Philips from the market presents a reshaping opportunity for the company, which has increased its global market share from 4.5% in 2020 to 17.7% in 2022 [1][7]. Domestic Market Dynamics - The domestic market for home respiratory machines is expected to grow significantly, with projections indicating a market size of approximately CNY 3.33 billion by 2025. The company aims to strengthen its brand presence and capture market share from imported brands [1][8]. - The company is focusing on enhancing brand awareness and expanding its distribution network to solidify its leading position in the domestic market [1][8]. Financial Projections - Revenue forecasts for the company are CNY 924 million, CNY 1.182 billion, and CNY 1.482 billion for 2024, 2025, and 2026, respectively, with corresponding year-on-year growth rates of -17.7%, 28.0%, and 25.4% [2][1]. - The net profit attributable to the parent company is projected to be CNY 193 million, CNY 255 million, and CNY 332 million for the same years, with year-on-year growth rates of -35.0%, 32.2%, and 30.0% [2][1]. Competitive Landscape - The company has established a strong distribution network in overseas markets, particularly in Europe and North America, enhancing its service capabilities and market penetration [1][8]. - The company is expected to leverage its product quality and technology to further increase its global market share as competition dynamics shift [1][8].
怡和嘉业：公司深度报告：加强自主品牌建设，家用呼吸机龙头初露峥嵘，潜力可期