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海泰新光(688677):上半年内镜和光学双高增,看好泰国转产后公司长期成长能力

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [3]. Core Insights - The company reported a revenue of 266 million yuan for the first half of 2025, reflecting a year-on-year growth of 20.5%. The net profit attributable to shareholders was 74 million yuan, with a growth of 5.5% [3]. - The medical endoscope segment generated 207 million yuan in revenue, up 17.7% year-on-year, while the optical segment saw a revenue increase of 34.6% to 57 million yuan [3]. - The gross margin improved to 65.8% in the first half of 2025, slightly up from 64.5% in 2024, attributed to a higher proportion of high-margin products and effective cost management [3]. - The company has initiated the production of endoscopes in its Thailand facility, which is expected to mitigate tariff impacts and enhance long-term growth prospects [3]. Financial Data and Profit Forecast - Projected total revenue for 2025 is estimated at 671 million yuan, with a year-on-year growth rate of 27.5% [2]. - The forecasted net profit for 2025 is 172 million yuan, representing a growth of 27.4% compared to the previous year [2]. - Earnings per share (EPS) is expected to reach 1.44 yuan in 2025, with a consistent growth trajectory anticipated through 2027 [2]. - The company's return on equity (ROE) is projected to improve to 12.3% in 2025, indicating enhanced profitability [2].