【机构调研记录】泓德基金调研可孚医疗、中钢国际等4只个股（附名单）

Group 1: Company Insights - Kefu Medical is expected to achieve over 20% year-on-year revenue growth in hearing aid sales in the first half of 2025, with continued growth in existing store revenues and new store openings [1] - Kefu Medical's overseas business revenue has increased by over 200%, and the company has completed acquisitions of Shanghai Huazhou and Ximan Na, focusing future acquisitions on enhancing product lines or technology [1] - Zhonggang International has seen stable project execution with the Bolivia Mutong Steel Plant nearly completed and the Algeria Electric Furnace project passing inspection, achieving the fastest record overseas [2] - Zhonggang International's gross profit margin for engineering is projected to reach 14.22% in the first half of 2025, with both domestic and international margins improving [2] - Keli Equipment has made significant breakthroughs in light-absorbing coating technology, leading to adoption by Xiaomi Automotive, and is expected to see increased revenue and profitability as the electric vehicle market grows [3] - Tianfu Communication achieved a revenue of 2.456 billion yuan in the first half of 2025, a year-on-year increase of 57.84%, with net profit rising by 37.46% to 899 million yuan [4] Group 2: Market Trends and Challenges - The steel industry is facing challenges with a 3.0% year-on-year decline in crude steel production, although overall industry performance is better than expected [2] - Keli Equipment is addressing tariff impacts through trade terms design and local production in the U.S., ensuring stable overseas business expansion [3] - Tianfu Communication's gross margin has decreased due to changes in product structure, with a higher proportion of revenue coming from active products [4]