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研報掘金丨東方證券:首予瑞邁特“買入”評級,目標價爲94.15元

東方證券研報指出,瑞邁特爲國內家用呼吸機龍頭,海外業務蓬勃發展。在飛利浦召回事件後,公司來自RH的銷售額佔營收比例不斷提升,2023年達36.9%。2024年7月,公司與RH重新簽訂爲期5年的合作協議,並將進一步拓展北美市場。此外,公司積極開拓國內市場,通過線上線下活動進行健康教育和品牌力建設,並開發氧氣瓶產品,拓展至消費品市場。由於公司家用呼吸機業務有望隨下遊渠道庫存出清而恢復快速增長態勢,同時耗材業務有望隨呼吸機業務發展而同步高增,長期發展空間廣闊。根據可比公司2025年平均估值,給予公司2025年35倍市盈率,對應目標價爲94.15元,首次給予“買入”評級。

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