YUYUE MEDICAL(002223) 华福证券·2025-02-05 15:36Investment Rating - The investment rating for Yuyue Medical is "Buy" (maintained) [2][6][17] Core Views - The launch of new CGM products and the strategic partnership with Inogen are expected to accelerate the company's international expansion [3][4] - The new generation Anytime4 series CGM product has received approval from the National Medical Products Administration (NMPA) and is anticipated to enhance competitiveness [5][6] - The partnership with Inogen, a leading portable oxygen machine manufacturer, is expected to provide strategic resources for Yuyue's expansion in Asia and improve supply chain efficiency [5][6] Financial Forecasts - Revenue projections for Yuyue Medical are estimated at 8 billion, 9.2 billion, and 10.7 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 0%, 15%, and 16% [6][10] - Net profit forecasts are 2 billion, 2.3 billion, and 2.7 billion yuan for the same years, with a decline of 16% in 2024 followed by growth of 15% and 16% in 2025 and 2026 [6][10] - The earnings per share (EPS) are projected to be 2.02, 2.32, and 2.69 yuan for 2024, 2025, and 2026 respectively [6][10] Company Dynamics - Yuyue Medical has signed a strategic cooperation agreement with Inogen to collaborate in international distribution, trademark licensing, joint research and development, and supply chain optimization [4][5] - The company has appointed experienced local management for its European operations and plans to enhance logistics for better market penetration [5][6]