Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][17] Core Views - The company's performance is under short-term pressure, with a revenue of 260 million yuan in the first half of 2025, down 26.36%, and a net profit attributable to shareholders of -41 million yuan, down 820.03% [1][6] - The decline in revenue is primarily due to a phase adjustment in domestic business, although terminal bidding has shown signs of recovery, the channel is still in the inventory digestion phase [1][6] - The company has strategically maintained high levels of expenditure to ensure core technological innovation [1][6] - The gross margin has decreased to 62.39%, down 9.07 percentage points, attributed to an increase in the proportion of lower-margin overseas business [2][10] - The company has launched its new flagship product AQ-400, enhancing its product matrix and continuing to invest in R&D and market expansion [2][16] Financial Summary - Revenue projections for 2025-2027 have been revised down to 710 million, 820 million, and 920 million yuan respectively, with year-on-year growth rates of -5%, 15%, and 13% [3][19] - Net profit projections for the same period are adjusted to 30 million, 70 million, and 100 million yuan, with year-on-year growth rates of 61%, 101%, and 51% [3][19] - The current stock price corresponds to a price-to-sales ratio of 9, 8, and 7 times for the years 2025, 2026, and 2027 respectively [3][19]
澳华内镜（688212）：业绩阶段性承压，新旗舰产品AQ-400推出