COFOE MEDICAL TECHNOLOGY - H : Key takeaways from investor conference call - near-term growth remains strong

研报英文原文证据摘录

COFOE MEDICAL TECHNOLOGY - H : Key takeaways from investor conference call - near-term growth remains strong

EQUITIES

MEDTECH & SERVICES

COFOE MEDICAL TECHNOLOGY OUTPERFORMPRICE* CNY44.8  TARGET PRICE CNY70 (UPSIDE 56%)

COFOE MEDICAL TECHNOLOGY ­ H OUTPERFORMPRICE* HKD27.0  TARGET PRICE HKD49 (UPSIDE 81%)

Key takeaways from investor conference call – near-term growth

remains strong

Cofoe targets 20%+ sales CAGR over the next three years23 JUNE 2026

Securities Research Report We recently hosted an investor conference call with Cofoe. Sales in 2Q26 continued the strong

Production time: 05:59* (London time) growth momentum seen in 1Q, mainly driven by 1) rising penetration of self-branded ventilators, 2)

Research Analysts & Publishing Entities solid sales growth in posture correction products, and 3) strong sales growth in medical care

Mark Yuan products. Over the next three years, the company aims to achieve a sales CAGR of 20%+, driven

BNP Paribas Securities (China) Limited1 by launch of its self-branded continuous glucose monitory (CGM) products, collaboration with

SAC Reg. no.:S1880525010001

+86 21 6096 9921 Philips, and further expansion in overseas markets.

mark.yuan@bnpparibas-sec.cn

Improvement in profitability to continueWenli Fei

BNP Paribas Securities (China) Limited1 EBIT margin was down 1.6ppts yoy in 1Q26. Management attributes the decline mainly to higher

SAC Reg. no.:S1880525020002 marketing expenses related to the early-stage promotion of self-branded ventilators. However, with

+86 21 6096 9923 improving gross margins and operating leverage, the company expects its full-year net margin to

wenli.fei@bnpparibas-sec.cn

remain stable. Over the next three years, it expects profitability to continue to improve, driven by a