振德医疗(603301)：25Q2业绩环比改善 海外产能持续爬坡

Core Insights - The company experienced a decline in net profit but showed sequential improvement in Q2 2025, with revenue reaching 2.1 billion yuan (+2.83%) and net profit at 128 million yuan (-20.70%) [1] - The international market is performing steadily, with overseas revenue increasing to 1.292 billion yuan (+13.34%) in the first half of 2025 [2] - The company maintains its revenue and profit forecasts for 2025-2027, expecting revenue growth of 12% annually [2] Financial Performance - In H1 2025, the company reported total revenue of 2.1 billion yuan, with a net profit of 128 million yuan, reflecting a 20.70% decrease year-on-year [1] - Q2 2025 saw a revenue of 1.109 billion yuan (+2.79%) and a net profit of 77 million yuan (-12.76%), indicating a quarter-on-quarter recovery with a 12% revenue increase and a 49% net profit increase [1] - Domestic revenue was 796 million yuan (-11.19%), with hospital revenue at 533 million yuan (+0.99%) and retail revenue at 214 million yuan (-37.07%) [1] Cost and Margin Analysis - The gross margin for H1 2025 was 34.19%, down by 1.22 percentage points, while the total expense ratio increased to 25.89% (+1.74 percentage points) [2] - The sales expense ratio was 8.49% (-0.25pp), management expense ratio was 13.67% (+0.80pp), R&D expense ratio was 3.03% (-0.02pp), and financial expense ratio was 0.69% (+1.22pp) [2] Market Strategy - The company is focusing on globalizing its supply chain and expanding into emerging markets in Southeast Asia, the Middle East, and Africa [2] - Increased investment in international markets is expected to contribute to new growth points [2] Investment Outlook - The company maintains its profit forecast, projecting revenues of 4.77 billion yuan, 5.33 billion yuan, and 5.92 billion yuan for 2025-2027, with net profits of 390 million yuan, 500 million yuan, and 570 million yuan respectively [2] - The current stock price corresponds to a PE ratio of 16, 13, and 11 for the years 2025, 2026, and 2027 [2]