Healthcare (SH:603313) Xin Lang Cai Jing·2025-05-09 00:32Core Viewpoint - The company benefits from improved profitability in cross-border e-commerce, with strong profit performance and potential for further expansion of overseas factory advantages [1] Investment Highlights - The company raises its earnings forecast and maintains a "Buy" rating, adjusting the 2025-2026 earnings expectations to EPS of 0.49/0.57 yuan (previously 0.41/0.49 yuan), and introducing a 2027 earnings forecast of 0.77 yuan. The target price is raised to 9.84 yuan based on a 20x PE for 2025, reflecting the valuation premium from the company's diversified overseas factory layout [2] - The company reports a revenue of 2.043 billion yuan in Q1 2025, a year-on-year increase of 12.31%. North American revenue reached 1.02 billion yuan, up 10.04%, with positive results in new customer development after ceasing cooperation with a major client. European revenue was 513 million yuan, growing 17.36% [2][3] - The company's proprietary brand, Mengbaihe, saw offline and online sales increase by 3.45% and 6.43% respectively, with improved losses in Shanghai Mengbaihe. Overseas online revenue surged by 64.46%, and excluding specific online businesses, the organic overseas e-commerce revenue grew over 70% [3] Cost Reduction and Efficiency Improvement - The company achieved a net profit of 58.72 million yuan in Q1 2025, a year-on-year increase of 196.22%, with a non-recurring net profit of 58.22 million yuan, up 206.80%. The gross margin was 39.37%, an increase of 0.84 percentage points, while the management expense ratio decreased to 5.96% from 7.59% in 2022. Interest expenses also fell by 23.93% [3] Overseas Capacity Advantage - The company's global capacity layout has matured, enabling localized supply and a robust channel structure overseas. The operational status of factories in the U.S. is strong, with the West Coast factory under construction and sufficient production capacity in the U.S. The trade tensions have provided opportunities for the company to enhance its market share in the U.S. [3]