AUTEK(SZ:300595) Xin Lang Cai Jing·2025-08-24 00:39Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, indicating challenges in the high-end consumer market and increased competition in its core business [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 871 million yuan, a decrease of 1.42% year-on-year, and a net profit attributable to shareholders of 250 million yuan, down 22.93% [1]. - For Q2 2025, the company reported revenue of 392 million yuan, a decline of 6.27%, and a net profit of 90 million yuan, down 31.74% [1]. Business Segment Analysis - Corneal reshaping lenses generated revenue of 356 million yuan, down 4.58% due to weak high-end consumption and increased competition [2]. - Medical services revenue was 173 million yuan, a decrease of 9.20%, primarily due to a decline in income from consolidated medical institutions [2]. - Nursing products revenue was 109 million yuan, down 6.89%, attributed to promotional activities affecting total sales [2]. - Non-optometry revenue increased by 14.90% to 40 million yuan [2]. - Revenue from other optical products, including frame glasses, rose by 16.18% to 187 million yuan, driven by increased sales of functional frame glasses and non-medical technical services [2]. Product Development - The company is expanding its product line with the launch of the "DreamVision SL" scleral contact lens and new generation corneal reshaping lenses (DV185 and AP185), which are expected to enhance market competitiveness [3]. - The new lens materials, OVCTEK200, have a leading oxygen permeability coefficient, positioning the company favorably in the market [3]. - Additional new products launched include eye care lamps, self-produced lutein, saline solutions for contact lenses, and mist sprays [3]. Profit Forecast and Investment Rating - Due to the ongoing challenges in the high-end consumer market, the company's net profit forecasts for 2025-2027 have been revised downwards to 603 million, 681 million, and 730 million yuan, respectively [3]. - The corresponding price-to-earnings ratios are projected to be 29, 25, and 24 times based on the current market value [3]. - Despite the challenges, the continuous expansion of the product line is expected to support a return to stable growth, maintaining a "buy" rating [3].