盈利预测：我们预计公司2025-2027 年营业收入分别为46.17、53.36、61.99 亿元，同比增速分别为 8.3%、15.6%、16.2%，归母净利润分别为3.90、5.19、6.42 亿元，同比增速分别为1.1%、33.2%、 23.8%，对应2025 年9 月5 日股价，PE 分别为17、13、10 倍。 点评： 汇兑收益+费用投入影响，利润端承压，Q2 环比已现改善趋势。2025年上半年公司销售净利率为6.22% （yoy-1.97pp），主要是因为汇兑收益+费用投入影响，利润端承压，其中：①汇率波动导致汇兑收益 减少，叠加利息收入减少，财务费用较去年同期增加；②公司海外生产基地尚处于产能效率爬阶段，短 期费用支出增加；③开发新市场国际国内产品注册费用增加。从季度趋势来看，2025Q1、Q2 销售净利 率分别为5.29%、7.06%，环比呈现改善趋势。我们认为随着高毛利的现代伤口敷料、手术感控业务收 入占比提升，叠加海外生产基地规模效应释放，公司盈利能力有望持续提升。 事件：公司发布2025 年中期报告，2025 年上半年实现营业收入 21.00亿元（yoy+2.83%），归母净利润 1.28 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 振德医疗(603301) 投资评级 上次评级 [Table_Author] 唐爱金 医药行业首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业联席首席分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 相关研究 [Table_OtherReport] 境外业务稳步增长，汇率波动短期 影响利润 常规业务逐季向好，境外有望加速 发展 减值计提短期影响盈利水平，国内 外市场双轮驱动，成长可期 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大 厦B座 邮编：100031 [Table_Title] 海外产能爬坡驱动收入增长提速，盈利能力季度环比改善 [Table_ReportDate] 2025 年 09 月 08 ...

截至2025年8月29日收盘，振德医疗（603301）报收于24.3元，较上周的24.31元下跌0.04%。本周，振 德医疗8月25日盘中最高价报24.41元。8月28日盘中最低价报23.08元。振德医疗当前最新总市值64.75亿 元，在医疗器械板块市值排名55/126，在两市A股市值排名2698/5152。 本周关注点 业绩披露要点 振德医疗2025年中报显示，公司主营收入21.0亿元，同比上升2.83%；归母净利润1.28亿元，同比下降 20.7%；扣非净利润1.18亿元，同比下降26.97%；其中2025年第二季度，公司单季度主营收入11.09亿 元，同比上升2.79%；单季度归母净利润7652.23万元，同比下降12.76%；单季度扣非净利润7042.83万 元，同比下降18.91%；负债率29.46%，投资收益163.13万元，财务费用1454.23万元，毛利率34.19%。 公司公告汇总 振德医疗用品股份有限公司将于2025年9月11日（星期四）10:00-11:00召开2025年半年度业绩说明会， 会议地点为上海证券交易所上证路演中心（网址：http://roadshow.sseinfo.com ...

Core Insights - The company experienced a decline in net profit but showed sequential improvement in Q2 2025, with revenue reaching 2.1 billion yuan (+2.83%) and net profit at 128 million yuan (-20.70%) [1] - The international market is performing steadily, with overseas revenue increasing to 1.292 billion yuan (+13.34%) in the first half of 2025 [2] - The company maintains its revenue and profit forecasts for 2025-2027, expecting revenue growth of 12% annually [2] Financial Performance - In H1 2025, the company reported total revenue of 2.1 billion yuan, with a net profit of 128 million yuan, reflecting a 20.70% decrease year-on-year [1] - Q2 2025 saw a revenue of 1.109 billion yuan (+2.79%) and a net profit of 77 million yuan (-12.76%), indicating a quarter-on-quarter recovery with a 12% revenue increase and a 49% net profit increase [1] - Domestic revenue was 796 million yuan (-11.19%), with hospital revenue at 533 million yuan (+0.99%) and retail revenue at 214 million yuan (-37.07%) [1] Cost and Margin Analysis - The gross margin for H1 2025 was 34.19%, down by 1.22 percentage points, while the total expense ratio increased to 25.89% (+1.74 percentage points) [2] - The sales expense ratio was 8.49% (-0.25pp), management expense ratio was 13.67% (+0.80pp), R&D expense ratio was 3.03% (-0.02pp), and financial expense ratio was 0.69% (+1.22pp) [2] Market Strategy - The company is focusing on globalizing its supply chain and expanding into emerging markets in Southeast Asia, the Middle East, and Africa [2] - Increased investment in international markets is expected to contribute to new growth points [2] Investment Outlook - The company maintains its profit forecast, projecting revenues of 4.77 billion yuan, 5.33 billion yuan, and 5.92 billion yuan for 2025-2027, with net profits of 390 million yuan, 500 million yuan, and 570 million yuan respectively [2] - The current stock price corresponds to a PE ratio of 16, 13, and 11 for the years 2025, 2026, and 2027 [2]

Core Viewpoint - Zhendemedical (603301) reported a mixed financial performance for the first half of 2025, with revenue growth but a significant decline in net profit compared to the previous year [1] Financial Performance Summary - Total revenue for the first half of 2025 reached 2.1 billion yuan, an increase of 2.83% year-on-year [1] - Net profit attributable to shareholders was 128 million yuan, down 20.7% year-on-year [1] - In Q2 2025, total revenue was 1.109 billion yuan, up 2.79% year-on-year, while net profit was 76.52 million yuan, a decrease of 12.76% year-on-year [1] - Gross margin stood at 34.19%, a decrease of 3.45% year-on-year, and net margin was 6.22%, down 24.05% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 480 million yuan, accounting for 22.85% of revenue, an increase of 8.38% year-on-year [1] - Earnings per share were 0.48 yuan, down 20.0% year-on-year, while operating cash flow per share increased by 41.18% to 0.6 yuan [1] Accounts Receivable and Debt - The company has a high level of accounts receivable, with accounts receivable amounting to 720 million yuan, which is 187.05% of the latest annual net profit [1][2] - Interest-bearing debt increased significantly by 51.35% to 1.423 billion yuan [1] Business Model and Market Position - The company's performance is primarily driven by marketing efforts, indicating a need for careful analysis of the underlying factors [2] - Historical data shows that the company's return on invested capital (ROIC) has been generally average, with a median ROIC of 11.91% since its listing [1] Fund Holdings - The largest fund holding Zhendemedical is the China Merchants Social Responsibility Mixed A Fund, which holds 1.367 million shares and has recently entered the top ten holdings [3] - The fund has shown a significant increase of 61.14% over the past year [3]

Group 1 - The company, Zhendemedical, reported a revenue of approximately 2.1 billion yuan for the first half of 2025, representing a year-on-year increase of 2.83% [1] - The net profit attributable to shareholders of the listed company was approximately 128 million yuan, showing a year-on-year decrease of 20.7% [1] - The basic earnings per share were 0.48 yuan, which is a year-on-year decrease of 20% [1]

Group 1 - The core transaction of Zhend Medical on August 27 involved a total volume of 100,000 shares and a transaction amount of 2.32 million yuan [1][2] - The average transaction price was 23.20 yuan, which reflects no discount compared to the closing price of the day [1][2] - The transaction was executed through the brokerage firms Guotai Junan Securities Co., Ltd. and Dongfang Securities Co., Ltd. [2]

Core Viewpoint - Zhendemedical (603301.SH) reported a revenue of 2.1 billion yuan for the first half of 2025, reflecting a year-on-year growth of 2.83% [1] - The net profit attributable to shareholders of the listed company was 128 million yuan, showing a year-on-year decline of 20.70% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 118 million yuan, down 26.97% year-on-year [1] - The basic earnings per share stood at 0.48 yuan [1]

振德医疗用品股份有限公司2025 年半年度报告 公司代码：603301 公司简称：振德医疗 振德医疗用品股份有限公司 振德医疗用品股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人鲁建国、主管会计工作负责人金海萍及会计机构负责人（会计主管人员）马淑 燕声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2025年中期不进行利润分配或资本公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 本 ...

前 10 名股东持股情况 | 振德医疗用品股份有限公司2025 | 年半年度报告摘要 | | | | | | --- | --- | --- | --- | --- | --- | | 公司代码：603301 | 公司简称：振德医疗 | | | | | | 振德医疗用品股份有限公司 | | | | | | | 振德医疗用品股份有限公司2025 | 年半年度报告摘要 | | | | | | 第一节 重要提示 | | | | | | | 展规划，投资者应当到 www.sse.com.cn | 网站仔细阅读半年度报告全文。 | | | | | | 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | | | 公司2025年中期不进行利润分配或资本公积金转增股本。 | | | | | | | 第二节 公司基本情况 | | | | | | | 公司股票简况 | | | | | | | 股票种类 股票上市交易所 股票简称 | | | 股票代码 | | 变更前股票 | | 简称 | | | | | | | A股 上海证券交易所 振德医疗 | | | 603301 | - | | | 联系人和联 ...