盈康生命(300143)：1H25稳健增长 看好长沙珂信顺利整合

Core Viewpoint - The company reported a steady growth in net profit for 1H25, driven by advancements in its medical services and medical devices segments, alongside effective cost reduction measures. The outlook for the full year remains positive with an expected net profit growth of 15% [1]. Group 1: Financial Performance - In 1H25, the company achieved revenue of 843 million yuan (+2.4% year-on-year) and a net profit attributable to shareholders of 62 million yuan (+12.8% year-on-year) [1]. - The second quarter saw a quarter-on-quarter increase in revenue and net profit of 6.08% and 6.14%, respectively [1]. - The gross profit margin improved by 0.5 percentage points year-on-year, while the expense ratio decreased by 2 percentage points [1]. Group 2: Medical Services Segment - The medical services segment generated revenue of 653 million yuan in 1H25 (+2.3% year-on-year), with a stable gross margin of 21.24% [2]. - The segment's growth was supported by a 25% year-on-year increase in tumor-related revenue [2]. - The integration of Changsha Kexin Hospital is expected to boost revenue in 2H25, with a profit target of no less than 57 million yuan for the year [2]. Group 3: Medical Devices Segment - The medical devices segment reported revenue of 190 million yuan in 1H25 (+2.8% year-on-year) with a slight increase in gross margin to 46.03% [3]. - The domestic market share for key products has been stable, with over 10% market share in infusion pumps and mammography equipment [3]. - The overseas business experienced a significant growth of 35% year-on-year, driven by a tailored strategy for different markets [3]. Group 4: Profit Forecast and Valuation - The company projects EPS for 2025-2027 to be 0.18, 0.21, and 0.23 yuan, reflecting a downward revision from previous estimates [4]. - A price-to-earnings ratio of 69 times is assigned for 2025, with a target price of 12.42 yuan, up from 11.97 yuan, due to positive expectations for the integration of Changsha Kexin [4].