Hefei Meiya Optoelectronic Technology (002690) 天风证券·2025-03-09 07:48Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [5]. Core Viewpoints - The company is a leading player in the domestic CBCT (Cone Beam Computed Tomography) market, focusing on technological innovation to address industry challenges. The newly launched "Cloud Leader" CBCT integrates AI and digital technologies, significantly enhancing diagnostic capabilities and improving patient care [2][3]. - The company has introduced advanced imaging technologies, including the "PD-MAR" technology, which effectively addresses long-standing issues with image artifacts in the industry. Additionally, the "Meiya Dental" digital health platform has been upgraded to offer new functionalities [2][3]. - Revenue forecasts for 2024-2026 are projected at 2,389 million, 2,665 million, and 2,959 million yuan respectively, with net profits expected to be 638 million, 704 million, and 773 million yuan. The downward revision in forecasts is attributed to short-term fluctuations in CBCT procurement demand, but the company is expected to maintain strong competitiveness in the dental medical equipment sector [3]. Financial Data Summary - Revenue (in million yuan): 2022: 2,117.26, 2023: 2,425.39, 2024E: 2,388.70, 2025E: 2,665.39, 2026E: 2,958.58 [4]. - Net profit (in million yuan): 2022: 730.11, 2023: 744.83, 2024E: 638.23, 2025E: 704.30, 2026E: 772.55 [4]. - Earnings per share (in yuan): 2022: 0.83, 2023: 0.84, 2024E: 0.72, 2025E: 0.80, 2026E: 0.88 [4]. - The company’s total market capitalization is approximately 13,851.44 million yuan, with a circulating market value of 6,813.22 million yuan [6].