研报掘金丨平安证券：维持新产业“推荐”评级，国内市场承压，海外市场表现亮眼

Core Viewpoint - The report from Ping An Securities indicates that New Industry achieved a net profit attributable to shareholders of 771 million yuan in H1 2025, reflecting a year-on-year decrease of 14.62%. The net profit for Q2 alone was 334 million yuan, down 30.06% year-on-year [1] Financial Performance - The revenue growth aligns with expectations, although short-term performance is pressured by domestic market factors such as DRG/DIP reforms and centralized procurement [1] - As of the end of H1 2025, the number of tertiary hospitals served by the company reached 1,835, with a coverage rate of 47.60%, and the coverage rate for top-tier hospitals reached 63.51% [1] Market Strategy - The company focuses on the in vitro diagnostics sector, maintaining a firm development strategy while continuously expanding both domestic and overseas markets, which drives growth [1] - Due to the pressures from centralized procurement and policy environment, the earnings per share (EPS) forecasts for 2025-2027 have been adjusted to 2.44, 3.03, and 3.76 yuan, respectively, down from previous forecasts of 2.69, 3.32, and 4.10 yuan [1] Growth Potential - Despite the adjustments in EPS forecasts, the company has maintained strong installation numbers domestically and internationally, with an increasing proportion of medium and large machines. The centralized procurement is expected to accelerate domestic substitution, which will continue to drive reagent volume growth [1] - The recommendation rating remains "recommended" based on these factors [1]