麦澜德：生殖康复表现亮眼，多品类蓄力，未来可期-20250428

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on revenue growth and business performance [1][2]. Core Insights - The company achieved a revenue of 425 million yuan in 2024, representing a year-over-year increase 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 promotions, which may temporarily pressure gross margins, but the diverse product pipeline is expected to drive future growth [2]. Financial Summary - Total revenue for 2024 was 425 million yuan, with a projected growth rate of 17.0% for 2025, reaching 497 million yuan [3]. - The gross margin for the main business in 2024 was 72.25%, a decrease of 2.40 percentage points year-over-year [2]. - The company forecasts net profits of 136 million yuan in 2025, reflecting a year-over-year growth of 33.4% [3]. Business Performance - The company has strengthened its competitive position in the pelvic rehabilitation field, achieving revenue of 167 million yuan in this segment, a year-over-year increase of 3.02% [2]. - The sports rehabilitation segment saw a revenue increase of 40.76%, reaching 18.06 million yuan in 2024, supported by the sales growth of magnetic series products [2]. - The company is investing in R&D to develop innovative products, including a new generation of ultrasound diagnostic systems and radar magnetic stimulators, which are expected to enhance its market position [2].