澳华内镜（688212）：短期调整不改公司长期向好趋势

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company experienced a revenue decline of 26.4% year-on-year in 1H25, with a net loss of 41 million yuan, attributed to strategic adjustments in domestic operations and increased investment for long-term growth [1][2] - Despite short-term challenges, the company is optimistic about its long-term growth potential, particularly in international markets where revenue has shown some growth [1][3] - The company has made significant progress in product approvals and market expansion for its high-end products, such as the AQ-400 system, which enhances its competitive position in the high-end market [4] Summary by Sections Financial Performance - In 1H25, the company reported revenues of 260 million yuan and a gross margin of 62.4%, down 9.1 percentage points year-on-year, primarily due to an increase in lower-margin overseas business [2] - The company’s sales, management, and R&D expense ratios increased to 38.5%, 19.3%, and 28.4% respectively, reflecting a strategic focus on core technology innovation and market competitiveness [2] Business Segments - Endoscope Equipment: Revenue was 240 million yuan in 1H25, down 29.6% year-on-year, due to a proactive adjustment in domestic business pace. The company is expanding into high-end markets and strengthening its presence in county-level markets [3] - Endoscopic Consumables: Revenue increased by 40.1% year-on-year to 9.66 million yuan, indicating strong product competitiveness [3] - Endoscope Maintenance: Revenue surged by 122.3% year-on-year to 9.33 million yuan, with expectations for rapid growth as maintenance capabilities improve [3] Product Development and Market Strategy - The AQ-400 system has received domestic approval, enhancing the company's competitive edge in the high-end market. Additionally, the company is advancing its 3D endoscope and endoscopic robot products, which are expected to provide innovative solutions for complex procedures [4] Profit Forecast and Valuation - The company has adjusted its profit forecasts, projecting net profits of 1 million yuan, 10 million yuan, and 16 million yuan for 2025-2027, respectively. The target price is set at 60.43 yuan, reflecting an increase from the previous estimate of 55.12 yuan [5][20]