NovelBeam Technology(SH:688677) China Post Securities·2025-09-10 04:05Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within six months [9][15]. Core Views - The company reported a revenue of 266 million yuan for H1 2025, representing a year-on-year growth of 20.50%. The net profit attributable to the parent company was 74 million yuan, with a growth of 5.52% year-on-year [3][4]. - The main business segments, including medical endoscope instruments and optical products, showed significant growth, with medical endoscope revenue reaching 207 million yuan, up 17.72% year-on-year, and optical revenue at 57.45 million yuan, up 34.62% year-on-year [4][5]. - The company has initiated several key projects, including the development of next-generation endoscope systems with a major U.S. client and the establishment of production lines in Thailand to mitigate tariff impacts [5][6]. Financial Performance - The company expects revenues for 2025, 2026, and 2027 to be 562 million yuan, 720 million yuan, and 921 million yuan, respectively, with year-on-year growth rates of 27.00%, 28.11%, and 27.86% [7][11]. - The projected net profit for the same years is 174 million yuan, 219 million yuan, and 280 million yuan, with corresponding growth rates of 28.61%, 25.73%, and 27.71% [7][11]. - The company's P/E ratios for 2025, 2026, and 2027 are expected to be 31.75, 25.26, and 19.78, indicating a favorable valuation trend [9][11].