Guosen's research report on January 3 points out that Meihua Medical (301363.SZ) is a leading platform for medical instrument components, continuously extending its business lines. The company's business expansion capabilities are outstanding, having expanded into other medical instruments products components and components for home and Consumer Electronics. The impact of inventory depletion from home Ventilator customers has basically been eliminated, and business growth on a month-over-month basis is expected. Client A is a leader in the Global home Ventilator market, and the company is a core developer of its product's key components and a core supplier for mass production, maintaining a stable partnership for over a decade. In the short term, the company's performance is under pressure starting from the second half of 2023 due to Client A's inventory depletion, but by Q2 2024, the impact of inventory depletion is expected to be largely cleared, and subsequent Orders are likely to stabilize, making month-over-month business growth possible. Client B is an absolute leader in the global cochlear implant market, with the company mainly providing external sound processors, later extending to implanted components. Based on absolute and relative valuations, the reasonable price range is 34.15-39.84 yuan, corresponding to a Market Cap range of 13.9-16.2 billion yuan, maintaining an "outperform the market" rating.