维力医疗(603309)：业绩符合预期 持续看好海外业务驱动增长

Core Viewpoint - The company reported a strong performance in the first half of 2025, with revenue and net profit showing significant year-on-year growth, driven by high-margin products and strategic overseas expansion [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 745 million yuan (YoY +10.19%) and a net profit of 121 million yuan (YoY +14.17%) [1]. - In Q2 2025, revenue reached 397 million yuan (YoY +8.16%) with a net profit of 62 million yuan (YoY +11.39%) [1]. - The company's gross margin for H1 2025 was 45.04%, and net margin was 17.05%, reflecting improvements from the end of 2024 [2]. Business Segment Performance - Urology business revenue grew to 134 million yuan (+43.9%), driven by high-margin products [2]. - Nursing business revenue increased to 92 million yuan (+30.3%), supported by stable orders from international clients [2]. - Blood dialysis revenue reached 40 million yuan (+18.4%), while catheterization maintained a strong position with revenue of 220 million yuan (+13.6%) [2]. - Anesthesia and respiratory segments faced challenges, with revenues of 209 million yuan (-4.8%) and 27 million yuan (-38.54%) respectively [2]. Overseas Expansion - The company's overseas revenue in H1 2025 was 410 million yuan (+23%), with significant growth in North America, South America, and Southeast Asia [3]. - To mitigate tariff pressures and geopolitical risks, the company is establishing a second overseas production base in Indonesia, with the first phase expected to be operational within the year [3]. - The construction of a factory in Mexico is also underway to enhance supply stability and meet growing demand from international clients [3]. Future Outlook - Revenue projections for 2025-2027 are 1.765 billion, 2.080 billion, and 2.475 billion yuan, with respective growth rates of 16.92%, 17.89%, and 18.96% [4]. - Expected net profits for the same period are 263 million, 317 million, and 381 million yuan, with growth rates of 19.91%, 20.38%, and 20.46% [4].