Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to face domestic pressure in the short term, but the production line is anticipated to drive reagent volume growth [5] - Revenue forecasts for 2025-2027 are projected at 48.58 billion, 54.96 billion, and 63.48 billion RMB, with year-on-year growth rates of 7.12%, 13.12%, and 15.51% respectively [6] - The net profit attributable to the parent company for the same period is expected to be 18.32 billion, 20.65 billion, and 23.85 billion RMB, with growth rates of 0.17%, 12.77%, and 15.48% respectively [6] - The current stock price corresponds to a price-to-earnings ratio (PE) of 25x, 22x, and 19x for the years 2025, 2026, and 2027 [6] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 21.85 billion RMB (down 1.18% year-on-year) and a net profit of 7.71 billion RMB (down 14.62% year-on-year) [8] - The company's reagent revenue was 15.21 billion RMB (down 4.40% year-on-year), while instrument revenue was 6.60 billion RMB (up 7.37% year-on-year) [8] - Domestic revenue was 12.29 billion RMB (down 12.81% year-on-year), with domestic instrument business revenue increasing by 18.18% [8] - Overseas revenue reached 9.52 billion RMB (up 19.57% year-on-year), with reagent business revenue growing by 36.86% [8] - The overall gross margin for the first half of 2025 was 68.64% (down 4.14 percentage points year-on-year) [8] - The company’s R&D expense ratio was 10.86% (up 1.62 percentage points year-on-year) [8] Revenue and Profit Forecasts - Revenue forecasts for 2025-2027 are 48.58 billion, 54.96 billion, and 63.48 billion RMB, with corresponding year-on-year growth rates of 7.12%, 13.12%, and 15.51% [6] - The net profit attributable to the parent company is projected to be 18.32 billion, 20.65 billion, and 23.85 billion RMB for 2025, 2026, and 2027, with growth rates of 0.17%, 12.77%, and 15.48% respectively [6] - The earnings per share (EPS) for 2025 is expected to be 2.33 RMB, with a projected increase to 3.04 RMB by 2027 [9]

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of 2025, indicating challenges in its financial performance and potential impacts from market conditions [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 2.185 billion, a year-on-year decrease of 1.18% - The net profit attributable to shareholders was 771 million, down 14.62% year-on-year - The net profit excluding non-recurring items was 726 million, a decline of 16.33% year-on-year - In Q2 2025, revenue was 1.060 billion, a decrease of 10.88% year-on-year - The net profit attributable to shareholders in Q2 was 334 million, down 30.06% year-on-year - The net profit excluding non-recurring items in Q2 was 309 million, a decline of 34.00% year-on-year [1][2]. Cost and Expense Analysis - The gross profit margin in Q2 2025 was 68.89%, a decrease of 2.67 percentage points year-on-year, primarily due to a decline in the gross margin of instrument products - The sales expense ratio was 19.82%, an increase of 5.14 percentage points year-on-year - The management expense ratio was 2.92%, an increase of 0.54 percentage points year-on-year [2]. Research and Development - The company increased its R&D investment, with R&D expenses in Q2 2025 amounting to 135 million, representing 12.76% of revenue - The company made progress in product registrations, obtaining several registration certificates for testing kits and a new flagship instrument model, MAGLUMI X10, which enhances testing efficiency [2]. Market Expansion - As of June 2025, the company served 1,835 tertiary hospitals in China, achieving a coverage rate of 47.60%, with a coverage rate of 63.51% for top-tier hospitals - In H1 2025, overseas revenue reached 952 million, a year-on-year increase of 19.57% - The company established operational systems in 14 core countries, driving regional business growth [3]. Profit Forecast and Valuation - The company revised its net profit forecasts for 2025-2027 to 1.876 billion, 2.206 billion, and 2.598 billion, reflecting decreases of 5.8%, 9.8%, and 11.4% respectively from previous estimates - The current price corresponds to a PE ratio of 24, 21, and 17 for 2025-2027 - The company is positioned as a leading player in the domestic chemiluminescence market and is expected to benefit from import substitution and overseas expansion [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [5][14]. Core Insights - In the first half of 2025, the company reported a revenue of 2.185 billion yuan, a year-on-year decrease of 1.18%, and a net profit attributable to shareholders of 771 million yuan, down 14.62% year-on-year [1][2]. - The company is experiencing a decline in revenue and profit, with Q2 2025 revenue at 1.060 billion yuan, a 10.88% year-on-year drop, and a net profit of 334 million yuan, down 30.06% year-on-year [1][2]. - The company is increasing its R&D investment, with R&D expenses in Q2 2025 amounting to 135 million yuan, representing 12.76% of revenue [2]. Summary by Sections Financial Performance - The company’s Q2 2025 gross margin was 68.89%, a decrease of 2.67 percentage points year-on-year, primarily due to a decline in the gross margin of instrument products [2]. - The sales expense ratio increased to 19.82%, up 5.14 percentage points year-on-year, while the management expense ratio rose to 2.92%, an increase of 0.54 percentage points [2]. Market Expansion - The company has established services for 1,835 tertiary hospitals in China, achieving a coverage rate of 47.60%, with a 63.51% coverage rate among top-tier hospitals [3]. - In the overseas market, the company generated 952 million yuan in revenue in the first half of 2025, marking a 19.57% year-on-year increase, and has set up operations in 14 key countries [3]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been revised downwards to 1.876 billion yuan, 2.206 billion yuan, and 2.598 billion yuan, respectively, reflecting a decrease of 5.8%, 9.8%, and 11.4% from previous estimates [3]. - The current price corresponds to a PE ratio of 24, 21, and 17 for 2025-2027 [3][4].

Core Viewpoint - The report from Ping An Securities indicates that New Industry achieved a net profit attributable to shareholders of 771 million yuan in H1 2025, reflecting a year-on-year decrease of 14.62%. The net profit for Q2 alone was 334 million yuan, down 30.06% year-on-year [1] Financial Performance - The revenue growth aligns with expectations, although short-term performance is pressured by domestic market factors such as DRG/DIP reforms and centralized procurement [1] - As of the end of H1 2025, the number of tertiary hospitals served by the company reached 1,835, with a coverage rate of 47.60%, and the coverage rate for top-tier hospitals reached 63.51% [1] Market Strategy - The company focuses on the in vitro diagnostics sector, maintaining a firm development strategy while continuously expanding both domestic and overseas markets, which drives growth [1] - Due to the pressures from centralized procurement and policy environment, the earnings per share (EPS) forecasts for 2025-2027 have been adjusted to 2.44, 3.03, and 3.76 yuan, respectively, down from previous forecasts of 2.69, 3.32, and 4.10 yuan [1] Growth Potential - Despite the adjustments in EPS forecasts, the company has maintained strong installation numbers domestically and internationally, with an increasing proportion of medium and large machines. The centralized procurement is expected to accelerate domestic substitution, which will continue to drive reagent volume growth [1] - The recommendation rating remains "recommended" based on these factors [1]

Investment Rating - The report maintains a "Recommended" rating for the company [1][9]. Core Views - The company's revenue growth aligns with expectations, facing short-term pressure in the domestic market due to DRG/DIP reforms and centralized procurement, while the overseas market shows strong performance [4][5]. - The domestic market revenue for H1 2025 was 1.229 billion yuan, down 12.81% year-on-year, with the domestic reagent business declining by 18.96% due to price drops from inter-provincial alliance procurement and reduced testing volumes [4]. - The overseas market revenue reached 0.952 billion yuan in H1 2025, up 19.57% year-on-year, driven by a 36.86% increase in reagent business due to rising instrument installations [5]. Financial Summary - For H1 2025, the company achieved operating revenue of 2.185 billion yuan, down 1.18% year-on-year, and a net profit of 0.771 billion yuan, down 14.62% year-on-year [3]. - The company projects operating revenues of 4.989 billion yuan, 6.011 billion yuan, and 7.225 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 10.0%, 20.5%, and 20.2% [6][12]. - The net profit is expected to be 1.921 billion yuan, 2.381 billion yuan, and 2.953 billion yuan for the same years, with growth rates of 5.0%, 24.0%, and 24.0% respectively [6][12]. Market Position and Strategy - The company continues to expand its high-end product matrix, with flagship machines leading the market and a total installation of 4,300 units by H1 2025 [8]. - The company has established operations in 14 core countries, enhancing its global brand presence and transitioning to a deeper operational phase in overseas markets [5][8]. - The company is focusing on increasing sales and R&D investments to support long-term growth, despite short-term performance pressures [8].

Core Insights - The economic cooperation between China and ASEAN has become increasingly active, with China's imports and exports to ASEAN reaching 3.67 trillion yuan in the first half of the year, a year-on-year increase of 9.6%, surpassing the overall growth rate of China's goods trade [1] - The completion of the China-ASEAN Free Trade Area 3.0 negotiations is expected to lower the entry barriers for Chinese companies into the ASEAN market, enhance connectivity, and reduce operational costs, ultimately establishing a more resilient regional supply chain [1][2] Economic Cooperation - The China-ASEAN Free Trade Area 3.0 significantly expands the original framework by adding nine new chapters, including digital economy, green economy, and supply chain connectivity, which will facilitate deeper regional cooperation [2] - The completion of the negotiations sends a clear signal of deepening regional cooperation and strengthening connectivity amid rising global protectionism [2] Investment Trends - ASEAN has become a preferred destination for Chinese foreign direct investment (ODI), with a projected growth of 12.6% in 2024 [4] - The region's appeal lies in its proximity to China, lower operational costs, and a young population, providing a substantial consumer market [5] - Chinese investment in ASEAN is transitioning from infrastructure to innovation, with a focus on technology, consumer goods, clean energy, and digital services [5] Financial Needs and Challenges - Chinese companies expanding into ASEAN have evolving financial needs, including understanding local business environments, liquidity management, and risk hedging [8] - Different stages of development present unique challenges, from understanding legal and tax frameworks to maximizing capital efficiency during the investment phase [8] Digital Economy Development - ASEAN's digital economy is projected to reach $1 trillion by 2030, with potential to double if the ASEAN Digital Framework Agreement is successfully implemented [11] - Standard Chartered Bank aims to be a key partner in ASEAN's digital transformation, leveraging its global network and expertise [12] Currency Usage - The use of the renminbi in ASEAN has shown strong growth, with cross-border renminbi settlement volume expected to increase by 35% in 2024 [14] - The establishment of local currency settlement frameworks and the integration of local banks into the renminbi cross-border payment system are enhancing transaction efficiency [15]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2][5][8] Core Views - The company's overall performance declined in the first half of 2025, primarily due to domestic market pressures, with domestic revenue down 12.81% to 12.29 billion yuan. However, overseas business showed strong growth, with revenue increasing by 19.57% to 9.52 billion yuan, driven by a rise in instrument installations and a growing share of overseas revenue [3][4] - The company is focusing on high-end product development, achieving significant market validation. In the domestic market, 774 units of the chemiluminescence immunoassay analyzer were installed, with large machines accounting for 74.81% of installations. The company has also made breakthroughs in small molecule detection, with 14 new products approved for market [4][5] Financial Summary - For the first half of 2025, the company reported revenue of 2.185 billion yuan, a decrease of 1.18%, and a net profit of 771 million yuan, down 14.62%. The second quarter saw revenue of 1.060 billion yuan, down 10.88%, and a net profit of 334 million yuan, down 30.06% [2][3] - The company expects revenue to reach 4.567 billion yuan in 2025, with a slight growth of 0.7%, and net profit to be 1.761 billion yuan, a decrease of 3.7%. The projected earnings per share (EPS) for 2025 is 2.24 yuan [5][10]

医疗器械 国内外高端产品占比持续提升，看好公司海外业务持续快速增长 新产业（300832.SZ） 证券研究报告/公司点评报告 2025 年 08 月 26 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：谢木青 | | 营业收入（百万元） | 3,930 | 4,535 | 5,049 | 5,926 | 6,962 | | | | 增长率 yoy% | 29% | 15% | 11% | 17% | 17% | | 执业证书编号：S0740518010004 | | 归母净利润（百万元） | 1,654 | 1,828 | 1,841 | 2,145 | 2,508 | | Email：xiemq@zts.com.cn | | 增长率 yoy% | 25% | 11% | 1% | 16% | 17% | | | | 每股收益（元） | 2.10 | 2.33 | ...

Core Viewpoint - The company has reported a decline in domestic revenue due to market challenges while achieving growth in overseas markets, driven by strategic innovations and product development [5][6][9]. Group 1: Company Overview - The company focuses on independent innovation and continuous technological advancements to provide high-quality in vitro diagnostic products globally [5]. - The company has not changed its controlling shareholder or actual controller during the reporting period [5]. Group 2: Financial Performance - The company achieved operating revenue of 1.84 billion yuan, a decrease of 1.18% year-on-year, with a total profit of 875 million yuan, down 15.87% year-on-year [9]. - The net profit attributable to shareholders was 771 million yuan, a decrease of 14.62% compared to the previous year [9]. Group 3: Domestic Market Performance - Domestic revenue from in vitro diagnostic services was 1.23 billion yuan, a year-on-year decline of 12.81%, with reagent revenue down 18.96% and instrument revenue up 18.18% [6]. - The company installed 774 units of chemiluminescence immunoassay analyzers, with a 74.81% share of large machines, and served 1,835 tertiary hospitals, achieving a coverage rate of 47.60% [6]. Group 4: International Market Performance - The company established a wholly-owned subsidiary in South Korea and has built operational systems in 14 core countries, enhancing its global brand influence [7]. - Overseas revenue reached 952 million yuan, a year-on-year increase of 19.57%, with reagent business growing by 36.86% [7]. Group 5: Product Development and Sales - The flagship model MAGLUMI X8 has achieved a cumulative installation of 4,300 units, reinforcing the company's leading position in high-end chemiluminescence [8]. - The company has successfully launched the SATLARS T8 automated laboratory line, with a total of 179 lines installed globally [8]. Group 6: Profitability Metrics - The overall gross margin was 68.64%, with instrument gross margin at 26.16%, reflecting a strategic differentiation in product offerings [9].

Core Insights - The company reported a slight decline in revenue and net profit for the first half of 2025, with revenue at 2.185 billion yuan, down 1.18% year-on-year, and net profit at 771 million yuan, down 14.62% year-on-year [1] Financial Performance - The basic earnings per share for the company stood at 0.9814 yuan [1] - The overall gross margin for the company was 68.64%, reflecting a decrease due to the growth in instrument revenue [1] Product Segment Analysis - The gross margin for instrument products was 26.16%, which is a decrease of 3.66 percentage points compared to 2024 [1] - The gross margin for instruments in overseas markets was significantly higher at 38.30% [1] - Despite a slowdown in reagent revenue growth due to domestic centralized procurement policies, the gross margin for both domestic and international reagents remained relatively stable due to optimized production costs and supply chain efficiency [1]