MTM(SH:688029) Guoxin Securities·2025-08-25 07:57Investment Rating - The investment rating for the company is "Outperform the Market" [5][23]. Core Views - The company achieved significant revenue and profit growth in the first half of 2025, with Q2 revenue growth exceeding 20%. The total revenue for H1 2025 was 1.565 billion yuan (+17.36%), and the net profit attributable to the parent company was 363 million yuan (+17.04%) [1][8]. - The growth in Q2 2025 was primarily driven by the consolidation of the acquired Spanish company CME, continuous expansion of overseas channels, and the ramp-up of innovative products [1][8]. - Domestic business faced pressure with a revenue decline of 7.1% to 656 million yuan, mainly due to centralized procurement affecting product prices. In contrast, international market revenue surged by 43.81% to 898 million yuan, with overseas revenue accounting for 57.37% of total revenue [1][13]. Summary by Sections Financial Performance - In H1 2025, the company reported a gross margin of 64.89% (-3.04 percentage points), primarily due to price pressures from domestic centralized procurement. The sales expense ratio was 21.56% (-1.17 percentage points), while the management expense ratio was 12.69% (+0.25 percentage points) [2][21]. - The company expects revenue for 2025-2027 to be 3.214 billion, 3.630 billion, and 4.019 billion yuan, with year-on-year growth rates of 16.6%, 12.9%, and 10.7%, respectively. The net profit attributable to the parent company is projected to be 688 million, 800 million, and 885 million yuan, with growth rates of 24.3%, 16.3%, and 10.6% [3][23]. Strategic Developments - The company completed the acquisition of 51% of CME in February 2025, contributing 123 million yuan in revenue and 22 million yuan in net profit. This acquisition not only provided new revenue sources but also facilitated product line integration and optimization [2][13]. - The company is also constructing a manufacturing center in Thailand, expected to be operational by the end of 2025, which will enhance the global supply chain and support overseas business expansion [2][13].