SNIBE(SZ:300832) EBSCN·2025-08-27 10:02Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [5][14]. Core Insights - In the first half of 2025, the company reported a revenue of 2.185 billion yuan, a year-on-year decrease of 1.18%, and a net profit attributable to shareholders of 771 million yuan, down 14.62% year-on-year [1][2]. - The company is experiencing a decline in revenue and profit, with Q2 2025 revenue at 1.060 billion yuan, a 10.88% year-on-year drop, and a net profit of 334 million yuan, down 30.06% year-on-year [1][2]. - The company is increasing its R&D investment, with R&D expenses in Q2 2025 amounting to 135 million yuan, representing 12.76% of revenue [2]. Summary by Sections Financial Performance - The company’s Q2 2025 gross margin was 68.89%, a decrease of 2.67 percentage points year-on-year, primarily due to a decline in the gross margin of instrument products [2]. - The sales expense ratio increased to 19.82%, up 5.14 percentage points year-on-year, while the management expense ratio rose to 2.92%, an increase of 0.54 percentage points [2]. Market Expansion - The company has established services for 1,835 tertiary hospitals in China, achieving a coverage rate of 47.60%, with a 63.51% coverage rate among top-tier hospitals [3]. - In the overseas market, the company generated 952 million yuan in revenue in the first half of 2025, marking a 19.57% year-on-year increase, and has set up operations in 14 key countries [3]. Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been revised downwards to 1.876 billion yuan, 2.206 billion yuan, and 2.598 billion yuan, respectively, reflecting a decrease of 5.8%, 9.8%, and 11.4% from previous estimates [3]. - The current price corresponds to a PE ratio of 24, 21, and 17 for 2025-2027 [3][4].