NovelBeam Technology(SH:688677) Xin Lang Cai Jing·2025-09-16 00:38Core Viewpoint - The company reported a strong recovery in overseas demand, leading to a return to growth in performance, with significant contributions from both international and domestic markets [2]. Financial Performance - For the first half of 2025, the company achieved revenue of 266 million yuan, representing a year-on-year increase of 20.50%, and a net profit attributable to shareholders of 74 million yuan, up by 5.52% [1]. - In Q2 2025, revenue was 119 million yuan, reflecting a growth of 15.52%, while net profit attributable to shareholders decreased by 13.55% to 28 million yuan [1]. Business Segmentation - Revenue from medical endoscope instruments reached 207 million yuan, a year-on-year increase of 17.72%, accounting for 78.28% of main business revenue [2]. - Optical product revenue was 57 million yuan, growing by 34.62%, making up 21.72% of main business revenue [2]. Market Dynamics - The overseas market emerged as the main growth driver, with revenue increasing by approximately 28.6% year-on-year, while domestic market revenue showed stable growth [2]. - The slower profit growth compared to revenue is attributed to increased investments in R&D, domestic marketing networks, and overseas factory setups, along with reduced foreign exchange and investment income [2]. Global Expansion Strategy - The company's proactive global production layout has effectively mitigated trade risks, with a factory in Thailand now producing endoscopes and light source modules primarily for the U.S. market [2]. - The second phase of production line construction in Thailand has been initiated, which will include complete assembly and GMP production workshops, laying the groundwork for future capacity expansion [2]. Product Development and Partnerships - The company is deepening cooperation with major U.S. clients, having officially launched the development of the next-generation endoscope system, with several products entering trial production [3]. - In the domestic market, the company continues to expand its product line, obtaining registration for new surgical instruments and initiating collaborations in new business areas [3]. Investment Outlook - The company maintains its profit forecast, expecting net profits attributable to shareholders of 180 million, 230 million, and 280 million yuan for 2025-2027, representing year-on-year growth rates of 35.2%, 24.6%, and 22.8% respectively [3]. - The estimated EPS for the same period is projected to be 1.53, 1.90, and 2.34 yuan, with corresponding PE ratios of 31, 25, and 20 times [3].