鱼跃医疗：老牌家用医疗器械龙头，战略转型焕新机

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company is transitioning from a "diversified" to a "focused" strategy, concentrating on three core business areas: respiratory and oxygen therapy, diabetes and POCT, and infection control [2][3][15]. - The company's revenue has grown from 3.54 billion to 7.97 billion yuan from 2017 to 2023, with a CAGR of 14.5%, while net profit increased from 590 million to 2.4 billion yuan, with a CAGR of 26.2% [2][15]. - The strategic focus on high-growth sectors is expected to drive future growth, with significant market potential in respiratory therapy, diabetes care, and infection control [3][20]. Summary by Sections Company Overview - The company has over 20 years of experience in the medical device sector and has undergone leadership changes in 2020, leading to a strategic shift in 2021 towards core business areas [2][15][20]. - The company has a stable shareholding structure, with major shareholders holding over 40% of the shares, ensuring stability and continuity in management [28][29]. Core Business Areas - Respiratory Therapy: The respiratory segment has a market size in the hundreds of billions, with the company being a leading domestic player in oxygen concentrators and respiratory devices. The segment saw a revenue increase of 50.55% in 2023 [3][51]. - Diabetes and POCT: The global blood glucose monitoring market is valued at over 10 billion USD, with the company rapidly increasing its market share. The new CGM products are expected to drive significant revenue growth [3][20]. - Infection Control: The company has established itself as a leading brand in hospital infection control, with its products recognized during the pandemic, enhancing brand strength [3][20]. Growth Potential - The company is actively incubating high-potential businesses in ophthalmology and emergency care, with significant market share in the domestic ophthalmology market and established products in emergency medical devices [4][20]. - The company is expanding its international presence, achieving overseas revenue of 479 million yuan in the first half of 2024, a 30.2% increase year-on-year [4][39]. Financial Projections - Revenue growth is projected at 0%, 15%, and 16% for 2024-2026, with net profit growth expected at -16%, 15%, and 16% for the same period. The average PE ratio for comparable companies is estimated at 17 times [4][6].