CITIC Securities Investment Banking: maintains a "buy" rating on Fish Leap Medical, overseas business is expected to continue to grow rapidly.

CITIC Securities research report pointed out that the annual performance of Yuwell Medical meets expectations, with Q1 revenue slightly exceeding expectations and profits meeting expectations. Looking ahead for the whole year, with the recovery of domestic consumption demand and the continuous improvement of the company's market share, the company's domestic business is expected to continue its steady growth trend; with the company's continued acceleration of overseas channel layout and brand building, the company's overseas business is expected to maintain rapid growth. In the short term, the company's core businesses such as respiratory therapy and blood glucose management have strong market competitiveness. In the medium to long term, with the improvement of public health awareness and the continuous iteration and enrichment of the company's new products, the company's leading position in the domestic home medical device platform is expected to remain stable and its global market share is expected to increase. Maintain a "buy" rating.