研報掘金丨華鑫證券:首予瑞邁特“買入”評級,業績有望持續增長
華鑫證券研報指出,瑞邁特業績符合預期,打造全球呼吸機一體化龍頭。公司2023、2024、2025Q1的毛利率分別爲46.14%、48.34%、49.57%,呈現穩步提升的態勢。公司耗材業務國際化佈局持續深耕,美國市場,公司通過RH公司組建的專業耗材團隊積極開展市場推廣,並通過在睡眠監測機構每月免費發放面罩的策略,提升品牌影響力和市場認知度。歐洲市場,公司於2023年成立法國數據型子公司,覆蓋歐洲市場,通過解決醫保報銷問題和完善基礎設施吸引更多代理商合作,進一步拓展了市場規模。另外,公司深耕呼吸健康領域醫療設備與耗材,持續佈局全球市場,產品力、品牌力及全球競爭力穩步提升。公司呼吸機及耗材市場地位領先,隨着海外市場佈局的持續推進,業績有望持續增長,首次覆蓋,給予“買入”投資評級。
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