YUYUE MEDICAL(002223) 东吴证券·2025-01-27 04:06Investment Rating - The report maintains a "Buy" rating for Yuyue Medical [1] Core Views - Yuyue Medical plans to acquire 9.9% of Inogen's common stock, enhancing its international expansion strategy [8] - The strategic partnership with Inogen focuses on international distribution, trademark licensing, joint research and development, and supply chain optimization [8] - The financial forecast for Yuyue Medical estimates net profits of 20.13 billion, 23.05 billion, and 26.09 billion RMB for 2024, 2025, and 2026 respectively, with a current market valuation corresponding to P/E ratios of 17, 15, and 13 times [8] Financial Summary - Total revenue projections for Yuyue Medical are 7,972 million RMB for 2023, 7,974 million RMB for 2024, 9,228 million RMB for 2025, and 10,507 million RMB for 2026, reflecting growth rates of 12.25%, 0.03%, 15.72%, and 13.86% respectively [1] - The net profit for 2023 is projected at 2,396 million RMB, with expected declines and recoveries in subsequent years, showing a growth of 50.21% in 2023, a decline of 15.97% in 2024, and recoveries of 14.50% and 13.18% in 2025 and 2026 respectively [1] - The report indicates a diluted EPS of 2.39 RMB for 2023, decreasing to 2.01 RMB in 2024, and then increasing to 2.30 RMB and 2.60 RMB in 2025 and 2026 respectively [1]