海泰新光（688677）：出口回暖显著，境外产能有序落地

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown significant recovery in exports, with overseas production capacity being established in an orderly manner [5] - The company reported a revenue of 266 million yuan in H1 2025, representing a year-on-year growth of 20.50%, and a net profit attributable to shareholders of 74 million yuan, up 5.52% year-on-year [7] - The company is experiencing rapid growth in overseas income, with medical endoscope revenue reaching 207 million yuan, a year-on-year increase of 17.72% [7] Financial Performance Summary - Revenue projections for 2025-2027 are 586 million yuan, 738 million yuan, and 903 million yuan, with year-on-year growth rates of 32.32%, 25.99%, and 22.35% respectively [6][8] - Net profit attributable to shareholders is forecasted to be 185 million yuan, 237 million yuan, and 295 million yuan for 2025-2027, with growth rates of 36.34%, 28.62%, and 24.27% respectively [6][8] - The company's gross margin for H1 2025 was 65.84%, an increase of 1.75 percentage points year-on-year [7]