【私募调研记录】高毅资产调研可孚医疗、天孚通信

Group 1: Key Insights on Kefu Medical - Kefu Medical's hearing aid revenue is expected to grow over 20% year-on-year in the first half of 2025, with plans to enhance revenue from existing stores and new outlets in the second half [1] - The company has invested in Nulingke Medical to address congenital hearing loss, aiming for strategic synergy [1] - Overseas revenue has increased by over 200%, with successful acquisitions of Shanghai Huazhou and Ximan Na, focusing future mergers on enhancing product lines or technology [1] - Kefu Medical has developed a comprehensive product matrix across five major areas and is increasing investment in e-commerce platforms, particularly in smart projects related to respiratory, blood pressure, blood sugar, and oxygen [1] - Core products include ventilators and hearing aids, with a focus on revenue contribution and strategic value [1] - Ventilator sales are rapidly increasing, leading the category on Douyin's e-commerce platform [1] Group 2: Key Insights on Tianfu Communication - In the first half of 2025, Tianfu Communication achieved revenue of 2.456 billion yuan, a year-on-year increase of 57.84%, and a net profit of 899 million yuan, up 37.46% [2] - Growth in active business is driven by increased deliveries of high-speed active products, with the company expanding its customer base [2] - Demand for high-speed products remains strong, and the company is coordinating supply and production capacity to ensure delivery [2] - The first phase of the Thailand factory has been put into operation, with the second phase in R&D and customer verification, expecting large-scale production next year [2] - A decline in gross margin is attributed to changes in product structure, with an increased revenue share from active products [2] - The company maintains high R&D investment and collaborates with customers to develop new products [2] - North America accounts for a small portion of sales, with manageable impacts from tariff policies [2] - The company is expanding capacity for passive optical products based on orders to ensure effective resource allocation [2]