福瑞股份（300049）：Q2设备高增长，看好诺和MASH获批后检测需求提升

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's H1 2025 performance met expectations, with revenue of 713 million yuan, a year-on-year increase of 11.02%, and a net profit of 52 million yuan, a decrease of 31.09% [6] - The medical device segment showed high growth in Q2, with revenue of approximately 482 million yuan, a year-on-year increase of 13.8%, and a significant contribution from per-use charges and leasing [6] - The pharmaceutical segment remained stable, with revenue of 231 million yuan, a growth of approximately 5.62%, driven by a notable 59.23% increase in e-commerce platform revenue [6] - The recent FDA approval of Novo Nordisk's semaglutide for treating metabolic-associated steatotic liver disease (MASH) is expected to boost testing demand, benefiting the company as a testing service provider [6] - The profit forecasts for 2025-2027 have been slightly adjusted downwards due to exchange losses and increased market investments, with expected net profits of 210 million yuan, 313 million yuan, and 426 million yuan respectively [6] Financial Data and Profit Forecast - Total revenue projections for 2024 to 2027 are 1,349 million yuan, 1,677 million yuan, 2,063 million yuan, and 2,506 million yuan, with corresponding year-on-year growth rates of 16.9%, 24.3%, 23.0%, and 21.4% [2] - The projected net profit for 2025 is 210 million yuan, reflecting an 85.4% year-on-year increase, with earnings per share expected to reach 0.79 yuan [2] - The gross margin is projected to improve from 74.1% in 2024 to 77.2% in 2027, indicating a positive trend in profitability [2] Market Data - As of August 22, 2025, the closing price of the stock was 64.32 yuan, with a market capitalization of 15,019 million yuan [3] - The stock's price-to-earnings ratio is projected to be 81 for 2025, decreasing to 40 by 2027, suggesting an improving valuation over time [2][3]