Well Lead(SH:603309) Xin Lang Cai Jing·2025-09-15 08:35Core Viewpoint - The company reported steady growth in revenue and net profit for the first half of 2025, driven by strong overseas sales despite challenges in the domestic market [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 745 million yuan, an increase of 10.19%, and a net profit attributable to shareholders of 121 million yuan, up 14.17% [1]. - For Q2 2025, revenue reached 397 million yuan, growing by 8.16%, with a net profit of 62 million yuan, reflecting an increase of 11.39% [1]. Business Segments - The company experienced rapid growth in overseas markets, particularly in North America, South America, and Southeast Asia, while domestic sales faced pressure due to industry regulations and pricing policies [2]. - Urology and nursing products saw significant growth, with urology product revenue at 134 million yuan (+43.90%) and nursing product revenue at 92 million yuan (+30.28%) [2]. - Blood purification products generated 40 million yuan (+18.44%), while catheter products brought in 220 million yuan (+13.62%) [2]. - Anesthesia products reported a decline in revenue to 209 million yuan (-4.79%), and respiratory products fell to 27 million yuan (-38.54%) due to industry adjustments and decreased demand [2]. Profitability and Cost Management - The company's gross margin for H1 2025 was 45.04%, remaining stable compared to 45.07% in the previous year, with an increase in the share of lower-margin overseas sales [3]. - The sales expense ratio decreased by 1.42 percentage points to 8.40%, while the management expense ratio fell by 0.75 percentage points to 8.44%, and the R&D expense ratio decreased by 0.12 percentage points to 6.26% [3]. - The overall optimization of expense ratios contributed to an increase in net profit margin, which reached 16.25%, up 0.57 percentage points year-on-year [3]. Investment Outlook - The company maintains its profit forecast, expecting net profits of 260 million yuan, 320 million yuan, and 390 million yuan for 2025-2027, representing year-on-year growth of 20.3%, 20.2%, and 22.2% respectively [3]. - The corresponding price-to-earnings ratios are projected to be 16, 13, and 11 times [3]. - Based on the DCF model, the company is valued at 5.6 billion yuan, with a target price of 19 yuan, maintaining a "recommended" rating [3].