安杰思(688581)：国内短期承压 海外稳健增长

Core Insights - The company achieved total revenue of 302 million yuan in H1 2025, representing a year-on-year growth of 14.56%, with a net profit attributable to shareholders of 126 million yuan, up 1.26%, while the gross margin declined by 1.35 percentage points [1] - Domestic revenue faced short-term pressure, while overseas revenue showed steady growth, with 14 new overseas clients added in H1 2025 [1] - The company is focusing on independent innovation and enhancing its R&D capabilities, with R&D expenses reaching 344.6 million yuan, a 33.29% increase year-on-year, and an R&D expense ratio of 11.39% [1][2] Revenue Breakdown - Domestic revenue for H1 2025 was 140 million yuan, a 10.50% increase, accounting for 46.19% of total revenue, with a slight gross margin increase of 0.18 percentage points [1] - Overseas revenue reached 163 million yuan, growing by 18.28% and making up 53.81% of total revenue [1] R&D and Talent Development - The company expanded its R&D team to 187 personnel, a 47.24% increase year-on-year, with 42.25% holding bachelor's degrees and 40.11% holding master's degrees or higher [2] - The company obtained 45 new product registration certificates in H1 2025, including 26 new domestic and international registrations, supporting its global sales strategy [1] Future Projections - Revenue projections for 2025-2027 are 769 million, 942 million, and 1.147 billion yuan, with expected growth rates of 20.8%, 22.4%, and 21.8% respectively [2] - Net profit projections for the same period are 327 million, 387 million, and 464 million yuan, with growth rates of 11.6%, 18.1%, and 19.8% respectively [2]