Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - In H1 2025, the company achieved revenue of 136 million yuan (yoy +35%) and a net profit attributable to shareholders of 5.47 million yuan (yoy +139%), indicating significant growth in both revenue and profitability [5] - The company’s four major product series all experienced revenue growth exceeding 20%, particularly the chromatography and spectroscopy series, which saw a revenue increase of 61.71% year-on-year [5] - The gross profit margin improved to 63.6% (yoy +0.9pcts), reflecting enhanced profitability across product lines [5] - The company is focusing on expanding its AI capabilities and developing products based on the domestic "Hongmeng system" to enhance product autonomy and intelligence [5] - R&D expenses reached 27.47 million yuan in H1 2025, with a R&D expense ratio of 20.2%, emphasizing the company's commitment to innovation and high-end instrument localization [5] Financial Summary - For 2025, the company is projected to achieve a net profit of 50 million yuan, with corresponding EPS of 0.59 yuan per share, and a PE ratio of 32.5 times [7] - Revenue is expected to grow to 370 million yuan in 2025, reflecting a year-on-year growth rate of 19.33% [7] - The company plans to invest up to 230 million yuan in the construction of an intelligent manufacturing base for scientific instruments in Shanghai [5][8]
海能技术（430476）：2025H1四大系列收入增长均超20%，色谱光谱迎来收获期