Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company experienced a revenue increase of 3.73% year-on-year in the first half of 2025, with total revenue reaching 733 million yuan, but net profit decreased by 32.44% to 114 million yuan [4] - The second quarter saw a revenue growth of 2.86% year-on-year, while net profit fell by 43.83%, primarily due to the impact of increased tariffs affecting order deliveries and a decline in high-margin product sales [5] - The company anticipates a recovery in net profit in the second half of the year as tariff increases have been suspended and deliveries are resuming [5] - The establishment of a new industrial base in Malaysia is expected to enhance the company's risk resilience by the end of 2025 [5] Summary by Sections Revenue and Profitability - The company forecasts revenues of 1.94 billion, 2.36 billion, and 2.81 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.76, 0.90, and 1.10 yuan [8] - The projected P/E ratios for the current stock price are 30.9, 26.0, and 21.2 for the years 2025, 2026, and 2027 respectively [8] Growth Opportunities - The company is developing new growth points in blood glucose management, with advancements in products such as disposable injection pens and continuous glucose monitoring devices [6] - The non-medical sector has seen a significant revenue increase of 35.69% year-on-year in the first half of 2025, indicating successful expansion into personal care and consumer electronics [7] Financial Projections - The company expects a revenue growth rate of 21.8% in 2025, with net profit growth rates of 18.5% and 18.8% for 2026 and 2027 respectively [10] - The gross margin is projected to be 41.8% in 2025, gradually decreasing to 39.9% by 2027 [10]
美好医疗（301363）：公司事件点评报告：订单交付影响季度业绩，新增长点正逐步形成