Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a strong growth trajectory in its core product categories, with a year-on-year revenue increase of over 30% in key segments, indicating a promising long-term growth potential [2] - The company reported a total revenue of 1.496 billion yuan for the first half of 2025, a decrease of 4.03% year-on-year, with a net profit of 167 million yuan, down 9.51% year-on-year [2] - The company is accelerating its internationalization process and expanding its core product offerings, which is expected to drive future growth [2] Financial Performance Summary - For the first half of 2025, the company achieved a revenue of 1.496 billion yuan, with a net profit of 167 million yuan and a net cash flow from operating activities of 351 million yuan, reflecting a 14.46% increase year-on-year [2] - The sales gross margin for the first half of 2025 was 52.49%, an increase of 1.82 percentage points year-on-year, indicating improved profitability [2] - The company’s revenue projections for 2025-2027 are 3.33 billion, 3.91 billion, and 4.56 billion yuan respectively, with corresponding net profit estimates of 388 million, 484 million, and 589 million yuan, reflecting growth rates of 24.6% for 2025 and 2026 [4] Business Segment Performance - The medical care segment generated 424 million yuan in revenue, up 9.67% year-on-year, driven by new product launches and the consolidation of Shanghai Huazhou [2] - The health monitoring segment saw revenue of 271 million yuan, a year-on-year increase of 12.89%, with strong sales of key products such as blood glucose and uric acid testing devices [2] - The rehabilitation aids segment reported revenue of 563 million yuan, down 6.41% year-on-year, although the hearing aid segment experienced over 20% growth [2] Strategic Initiatives - The company is focusing on optimizing its product structure to enhance profitability and is investing in AI and brain-machine interface technologies to improve its competitive edge [2] - The company has made significant investments in research and development, with R&D expenditures reaching 46.95 million yuan in the first half of 2025, a 2.45% increase year-on-year [2] - The company has expanded its overseas market presence, achieving nearly 100 million yuan in overseas revenue in the first half of 2025, a growth of over 200% year-on-year [2]
可孚医疗（301087）：国际化进程加速，核心品类放量可期