Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2] Core Viewpoints - The company, Meihao Medical, is a leading platform for medical device components, continuously extending its business lines. Its core businesses include home respiratory machine components and artificial cochlear components, with a strong capability in providing full-process services for medical device components and product development [4][12]. - The impact of customer inventory reduction in the home respiratory machine segment is expected to be eliminated, leading to anticipated sequential growth in business. The company has a stable long-term relationship with its key customer, which is a global leader in the home respiratory machine market [4]. - The artificial cochlear segment has high technical barriers, and the business is expected to grow steadily due to deep cooperation with a leading global customer [5]. - The company is continuously breaking into new customer segments, with promising prospects for platform extension into consumer electronics and other medical components [5][6]. Summary by Sections 1. Company Overview - Meihao Medical has established itself as a leading platform for medical device components since its founding in 2010, focusing on home respiratory machines and artificial cochlear components [12]. 2. Home Respiratory Machine Components - The company provides a majority of components for its key customer, with a focus on high-end parts that drive growth. The demand for home respiratory machines is expected to increase due to a growing patient population suffering from OSA and COPD [31][34]. 3. Artificial Cochlear Components - The company has developed multiple proprietary technologies related to artificial cochlear components, which have high technical barriers. The business has shown consistent growth rates exceeding 10% annually, except for 2020 [5]. 4. New Business Growth - The company has seen rapid growth in new business segments, including consumer electronics and other medical components, with significant revenue increases reported [6]. 5. Financial Analysis and Forecast - The revenue forecast for 2024-2026 is adjusted to 1.61 billion, 1.98 billion, and 2.45 billion yuan respectively, with year-on-year growth rates of 20%, 23%, and 24%. The net profit forecast is 380 million, 460 million, and 570 million yuan respectively, with similar growth rates [6].
美好医疗：传统业务恢复稳健增长，新兴业务发展前景可期