中邮证券：首次覆盖维力医疗给予买入评级

Core Viewpoint - The report highlights the continuous growth of overseas revenue and the contribution of new products to the improvement of gross profit margin for Weili Medical, leading to a "Buy" rating for the company [1] Financial Performance - In H1 2025, the company achieved operating revenue of 745 million yuan, a year-on-year increase of 10.19% - The net profit attributable to the parent company was 121 million yuan, up 14.17% year-on-year - The net profit attributable to the parent company after deducting non-recurring gains and losses was 118 million yuan, reflecting a year-on-year growth of 16.42% [1] - In Q2 2025, the company reported operating revenue of 397 million yuan, a year-on-year increase of 8.16% - The net profit attributable to the parent company was 62 million yuan, up 11.39% year-on-year - The net profit attributable to the parent company after deducting non-recurring gains and losses was 61 million yuan, with a year-on-year growth of 12.87% [1] Business Segment Analysis - The revenue from catheter products surpassed anesthesia products, becoming the largest business line - Revenue from anesthesia products was 209 million yuan, down 4.79% year-on-year - Revenue from catheter products was 220 million yuan, up 13.62% year-on-year - Revenue from urology products was 134 million yuan, reflecting a growth of 43.90% year-on-year - Revenue from nursing products was 92 million yuan, up 30.28% year-on-year - Revenue from blood dialysis products was 40 million yuan, an increase of 18.44% year-on-year - Revenue from respiratory products was 27 million yuan, down 38.54% year-on-year [2] Overseas Expansion - The company is actively establishing two overseas production bases in Mexico and Indonesia - The Indonesian factory is expected to complete the first phase of construction and production within the year - The Mexican factory's land purchase and project planning have been completed, with construction actively progressing [2] Profit Forecast - Revenue projections for 2025-2027 are 1.722 billion yuan, 2.021 billion yuan, and 2.335 billion yuan, with year-on-year growth rates of 14.09%, 17.36%, and 15.54% respectively - Net profit attributable to the parent company for 2025-2027 is forecasted to be 259 million yuan, 315 million yuan, and 374 million yuan, with year-on-year growth rates of 18.25%, 21.38%, and 18.85% respectively - Price-to-earnings ratios for 2025-2027 are projected to be 16.62, 13.69, and 11.52, while the price-to-earnings growth ratios are expected to be 0.91, 0.64, and 0.61 [3]