三鑫医疗(300453)：海外拓展提速 血液净化主业持续高增

Core Insights - The company reported a revenue of 761 million yuan for the first half of 2025, representing a year-over-year increase of 10.83%, with a net profit attributable to shareholders of 115 million yuan, up 8.35% year-over-year [1] - The second quarter of 2025 saw a revenue of 400 million yuan, reflecting a year-over-year growth of 12.65%, and a net profit of 61 million yuan, which is an increase of 16.65% year-over-year [1] Revenue Growth - The company's revenue growth accelerated quarter by quarter, with Q1 and Q2 revenues of 361 million yuan (yoy +8.88%) and 400 million yuan (yoy +12.65%) respectively, indicating a positive growth trend [2] - Domestic revenue for the first half of 2025 was 574 million yuan (yoy -0.15%), largely stable due to price reductions from centralized procurement, while overseas revenue reached 187 million yuan (yoy +67.3%), increasing its revenue share to 24.6% [2] Business Segmentation - The blood purification segment showed strong growth, with revenue from blood purification equipment and consumables reaching 626 million yuan (yoy +19.73%), accounting for 82.2% of total revenue [3] - The export of blood dialysis equipment grew by 84% year-over-year, while the drug delivery devices segment saw a revenue decline of 15.1% [3] Future Growth Potential - The company has a rich pipeline of new products, including the domestically first-certified wet membrane dialyzer, which is expected to have strong import substitution potential [3] - Revenue projections for 2025-2027 are estimated at 1.742 billion, 2.027 billion, and 2.354 billion yuan, with corresponding year-over-year growth rates of 16.1%, 16.3%, and 16.2% [3]