开能健康（300272）：业绩超预期，北美业务强势增长

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company's revenue met expectations while profits exceeded expectations, with H1 2025 revenue reaching 889 million yuan, a year-on-year increase of 7%, and net profit attributable to the parent company at 70 million yuan, up 23% year-on-year [6] - The North American market remains a key growth area, driven by high penetration rates of water purification products and strong consumer demand [6] - The company has implemented a new marketing service model in China, focusing on providing comprehensive health water solutions, which has led to significant market share in Shanghai [6] - The gross profit margin improved to 41.12%, reflecting cost dilution from increased production and enhanced operational efficiency through digital management [6] - Profit forecasts for 2025 to 2027 indicate significant growth, with net profits expected to reach 140 million yuan, 170 million yuan, and 183 million yuan respectively, corresponding to P/E ratios of 30, 25, and 23 [6] Financial Data and Earnings Forecast - Total revenue projections for 2025 are 1,796 million yuan, with a year-on-year growth rate of 6.4% [5] - The company anticipates a gross profit margin of 39% for the coming years, with a return on equity (ROE) projected at 10.4% for 2025 [5] - The company plans to distribute a cash dividend of 0.8 yuan per 10 shares, totaling approximately 47.56 million yuan [6]