麦澜德（688273）：生殖康复表现亮眼，多品类蓄力，未来可期

Investment Rating - The report assigns a "Buy" rating for the company 麦澜德 (688273) based on its strong performance and growth potential [1]. Core Views - The company achieved a revenue of 425 million yuan in 2024, representing a year-over-year growth of 24.57%, with a net profit of 102 million yuan, up 13.10% year-over-year [1][2]. - The reproductive rehabilitation segment showed exceptional growth, with revenue reaching 110 million yuan in 2024, a significant increase of 126.56% year-over-year, driven by product upgrades and market expansion [2]. - The company is focusing on new product promotion, which has temporarily pressured gross margins, but a strong pipeline of innovative products is expected to drive future growth [2]. Financial Summary - The company’s total revenue is projected to grow from 497 million yuan in 2025 to 693 million yuan in 2027, with year-over-year growth rates of 17.0%, 17.7%, and 18.5% respectively [3]. - The net profit attributable to the parent company is expected to increase from 136 million yuan in 2025 to 201 million yuan in 2027, with growth rates of 33.4%, 22.0%, and 21.4% [3]. - The gross margin for the main business in 2024 was 72.25%, slightly down by 2.40 percentage points year-over-year, primarily due to new product promotions [2][3].