Oriental Securities: First gives Yuwell Medical a "buy" rating with a target price of 48.24 yuan.

The research report of Oriental Securities pointed out that Yuwell Medical, a leading provider of home medical equipment, has a broad layout. The company's core business covers four major areas: respiratory oxygen therapy, blood glucose and POCT testing, home health monitoring, clinical equipment, and rehabilitation. The company's new product layout focuses on globalization, digitization, and wearability. Meanwhile, the company is actively developing AI intelligent wearable medical devices, based on its technological accumulation in the medical field, to establish a "monitoring-warning-intervention" full-chain pipeline. In early 2025, the company signed a "Strategic Cooperation Agreement" with Inogen, a US respiratory oxygen therapy business enterprise with extensive sales channels in Europe and the US. It is expected that the two companies will complement each other's strengths and achieve win-win cooperation. The company's business is gradually returning to normalcy and sustainable development track after the epidemic, as a leading domestic provider of home medical equipment. The company continuously enriches its product line, expands its distribution channels, and has vast long-term prospects. Based on the average valuation of comparable companies in 2025, the company is given a 24 times PE ratio for 2025, corresponding to a target price of 48.24 yuan, and is rated as a "buy" for the first time.