Hefei Meiya Optoelectronic Technology (SZ:002690) Guoyuan Securities·2025-09-01 08:55Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [5][8]. Core Insights - The company reported a revenue of 1.023 billion yuan for the first half of 2025, representing a year-on-year increase of 9.92%. The net profit attributable to shareholders was 303 million yuan, up 11.34% year-on-year [1]. - The color sorting machine business showed strong growth, with revenue of 742 million yuan in the first half of 2025, an increase of 15.17% year-on-year [2]. - The company launched several new products and technologies in the color sorting machine and high-end medical imaging equipment sectors, enhancing its market leadership [4]. Financial Performance - The company's gross margin and net profit margin for the first half of 2025 were 52.14% and 29.61%, respectively, both showing improvements compared to the previous year [3]. - The company expects to achieve revenues of 2.596 billion yuan, 2.899 billion yuan, and 3.219 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits projected at 719 million yuan, 816 million yuan, and 924 million yuan [5][7]. Business Segments - The color sorting machine segment is performing well, while the medical equipment and X-ray industrial inspection machine segments experienced slight declines in revenue [2]. - The company has seen a significant increase in contract liabilities, up 116.73% from the beginning of the period, primarily due to growth in advance payments [2]. Innovation and Development - The company introduced the AI-powered sorting model and the new generation AI+ digital color sorting machine, enhancing its product offerings in the market [4].