美亚光电(002690)：25年CBCT见底回升值得期待

Core Viewpoint - The company reported a slight decline in revenue and net profit for 2024, but there are positive signs for recovery in the domestic dental medical consumption and potential improvement in the CBCT business in 2025 [1][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 2.311 billion yuan (down 4.73% year-on-year) and a net profit of 649 million yuan (down 12.84% year-on-year) [1]. - The fourth quarter saw revenue of 733 million yuan (down 4.61% year-on-year, up 13.13% quarter-on-quarter) and a net profit of 199 million yuan (up 9.62% year-on-year, up 11.81% quarter-on-quarter) [1]. - The company slightly adjusted its 2025 profit forecast upwards, expecting net profits of 700 million yuan, 740 million yuan, and 790 million yuan for 2025-2027 [4]. Group 2: Business Segments - The medical equipment segment reported revenues of 1.62 billion yuan for color sorting machines (up 10% year-on-year), 500 million yuan for medical devices (down 33% year-on-year), and 150 million yuan for X-ray industrial inspection machines (down 5% year-on-year) [2]. - The company launched a new mobile CT product, which has received regulatory approval and is expected to contribute to future revenues [2]. Group 3: Profitability and Cost Structure - The company reported a gross margin of 50.43% and a net margin of 28.09%, with declines of 1.06 and 2.62 percentage points year-on-year, respectively [3]. - The gross margin for the color sorting machine business improved by 1.10 percentage points, while the overall gross margin decreased due to intense competition in the CBCT market [3]. - The company’s sales, management, R&D, and financial expense ratios increased year-on-year, primarily due to rising personnel costs and a decrease in revenue [3]. Group 4: Dividend and Valuation - The company plans to distribute a cash dividend of 7.0 yuan per 10 shares, totaling 620 million yuan, which represents 95% of the net profit for the period [4]. - The target price for the company is set at 20.00 yuan, based on a 25 times PE ratio for 2025, reflecting a slight increase from the previous target of 19.25 yuan [4].