山外山(688410)：耗材业务表现亮眼 公司下半年有望稳健增长

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, driven by its leading position in the domestic blood purification equipment market and increased sales of self-produced consumables [1][2]. Group 1: Financial Performance - The company achieved a revenue of 357 million yuan in the first half of 2025, representing a year-on-year growth of 28.72% [1] - The net profit attributable to shareholders was 55.04 million yuan, up 20.28% year-on-year, with basic earnings per share of 0.17 yuan, also reflecting a growth of 20.29% [1] - In Q2 alone, revenue reached 168 million yuan, marking a 45.51% increase year-on-year, while net profit for the quarter was 18.03 million yuan, up 56.47% [1] Group 2: Market Position and Growth Drivers - The company is recognized as a leading player in the domestic blood purification equipment market, with a market share increase in CRRT devices to 20.42% in the first half of 2025, up from 18.18% in the same period last year [1] - The market share for blood dialysis machines also rose to 15.29%, compared to 10.35% year-on-year, maintaining the top position among domestic brands [1] - The revenue from blood purification consumables reached 85.34 million yuan, showing a year-on-year growth of 46.17%, with self-produced consumables growing by 91.90% [2] Group 3: Strategic Initiatives - The company has established an independent sales team to enhance the synergy between equipment and consumables, focusing on penetrating public hospitals and strengthening partnerships with medical groups and dialysis centers [2] - The international market strategy is being deepened, with significant revenue growth in overseas markets, particularly in North America and Africa, where sales increased by 41.30% to 86.82 million yuan [2] Group 4: Profit Forecast and Valuation - The company is expected to see net profits of 151 million yuan, 191 million yuan, and 238 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 34.3, 27.2, and 21.8 times [3]