WDM(SH:600055) Xin Lang Cai Jing·2025-09-02 02:30Core Viewpoint - The company reported a solid revenue growth in H1 2025, but faced significant pressure on profits due to increased expenses and changes in product structure [1][2] Revenue Performance - In H1 2025, the company achieved a revenue of 843 million yuan, representing a year-on-year increase of 20.46% - In Q2 2025, the revenue reached 470 million yuan, with a year-on-year growth of 20.04% [1][2] Profitability Analysis - The net profit attributable to shareholders in H1 2025 was 51 million yuan, down 39.46% year-on-year - The non-recurring net profit for H1 2025 was 36 million yuan, a decrease of 56.07% year-on-year - The gross margin fell to 35.16%, down 4.38 percentage points, and the net margin decreased to 6.13%, down 6.08 percentage points [1][2] R&D Investment - The company increased its R&D investment to 126 million yuan in H1 2025, accounting for 14.95% of revenue, an increase of 3.66 percentage points - Focus areas include breakthroughs in high-end imaging equipment technology and the development of AI solutions [3] Market Strategy - The company maintains its leading market share in the domestic DR market and has expanded its presence in the CT market, achieving over 20% market share in 64-slice and below CT [4] - The company is actively expanding into international markets, particularly along the "Belt and Road" initiative, with over 60 new clients and significant growth in strategic categories like DR and CT [4] Profit Forecast - Revenue projections for 2025-2027 are 1.948 billion, 2.491 billion, and 3.363 billion yuan, with year-on-year growth rates of 27.77%, 27.89%, and 35.02% respectively - Expected net profits for the same period are 162 million, 227 million, and 318 million yuan, with growth rates of 2.67%, 40.73%, and 39.74% respectively [4]