Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in revenue and profit, with a 31.7% year-on-year growth in revenue to 482 million yuan and a 76.0% increase in unadjusted profit to 121 million yuan, indicating a strong operational performance [4][5] - The company is benefiting from favorable policies and a shift in the market, particularly in high-end medical devices, which is expected to enhance its competitive position [6] - The international business is poised for growth, with a diverse product portfolio and expansion into emerging markets, contributing to a 36.8% increase in overseas sales [7] Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 482 million yuan, with a gross profit of 343 million yuan and a gross margin of 71.2% [4] - The company’s operational efficiency improved, with a decrease in sales and distribution expenses to 17.7% and R&D expenses to 25.2% of revenue [5] - The company’s cash position is strong, with 2.53 billion yuan in cash on hand [5] Future Projections - Revenue projections for 2025, 2026, and 2027 are 1.059 billion yuan, 1.390 billion yuan, and 1.748 billion yuan, respectively, with expected growth rates of 35%, 31%, and 26% [8] - The net profit for the same years is projected to be 200 million yuan, 303 million yuan, and 463 million yuan, reflecting year-on-year growth of 99%, 52%, and 53% [8] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 0.61 yuan, 0.92 yuan, and 1.40 yuan, respectively [8]
归创通桥（02190）：政策拐点已至，利润增速超预期，迎来戴维斯双击