Core Viewpoint - Company maintains a positive outlook with projected EPS of 0.30 CNY for 2025 and 0.36 CNY for 2026, indicating a P/E ratio of 17.2x and 14.3x respectively for those years, with a target price of 7.11 HKD, suggesting a potential upside of 26.73% from the latest closing price [1] Group 1: Financial Performance - In the first half of 2025, the company's revenue reached 694 million CNY, reflecting a year-on-year growth of 5.7%, while net profit attributable to shareholders was 161 million CNY, up 15.3%, corresponding to a diluted EPS of 0.14 CNY, aligning with expectations [1] - The hip joint business generated 410 million CNY in revenue, marking a 14% increase year-on-year, while knee joint business revenue was approximately 194 million CNY, showing a slight decline of about 0.7% due to price adjustments and returns [2] - Gross margin stood at 59.1%, down 1.5% year-on-year, primarily due to a decrease in the revenue share from spinal products, while net profit margin improved to 23.1%, up 1.9 percentage points year-on-year [4] Group 2: Market and Sales Dynamics - The company estimates that overseas sales revenue reached 128 million CNY, with an actual growth rate of about 7% after adjustments, particularly strong performance noted in Southeast Asia and Central Asia with revenue growth of approximately 60% and 30% respectively [2] - The company is responding to favorable policies by initiating a digital transformation, with seven products entering the innovation channel and five digital orthopedic training centers established, aiming to create a comprehensive ecosystem for orthopedic smart-assisted devices [3] Group 3: Cost Management - The company achieved net profit growth through effective cost control, with stable sales, management, and R&D expense ratios at 16.9%, 11.1%, and 9.6% respectively, showing minor fluctuations [4]
中金：维持爱康医疗(01789)“跑赢行业”评级 目标价7.11港元