Investment Rating - The report maintains a rating of "Accumulate" for the company [6][10]. Core Views - The company's performance in the first half of 2025 shows stability, with revenue from pharmaceuticals and orthopedics leading the growth. The company continues to prioritize high dividend payouts, reflecting its commitment to shareholder returns [2][10]. Financial Summary - Total revenue for 2023 was 13,243.76 million RMB, with a projected increase to 13,889.42 million RMB in 2025, representing a growth of 6.1%. The net profit for 2023 was 2,001.91 million RMB, with a slight decrease expected to 2,033.02 million RMB in 2025, a decline of 1.6% [4][10]. - The company’s cash dividend ratio increased from 30% prior to 2023 to 40% in 2023, with a further increase to 50% expected by the end of 2024. The mid-year dividend for 2025 is also planned to be maintained at 50% [10]. Revenue Breakdown - The general medical device segment generated revenue of 33.0 billion RMB in the first half of 2025, remaining stable year-on-year. The pharmaceutical packaging segment also maintained revenue at 11.7 billion RMB, with significant growth in automatic injection pens, which saw a sales increase of approximately 200% [10]. - The orthopedics segment reported revenue of 7.3 billion RMB, a slight decrease of 1.6%, but with a substantial increase in segment profit by 74%. The interventional segment's revenue was 9.9 billion RMB, down by 2%, while the blood technology segment grew by 8.1% to 4.5 billion RMB [10]. Earnings Forecast - The report adjusts the earnings per share (EPS) forecast for 2025-2027 to 0.44, 0.50, and 0.56 RMB respectively, down from previous estimates of 0.51, 0.57, and 0.63 RMB [10]. - The target price for 2026 is set at 8.00 RMB, equivalent to 8.76 HKD, based on a target price-to-earnings (PE) ratio of 16X [10]. Market Data - The current stock price is 5.90 HKD, with a market capitalization of 26,967 million HKD and a 52-week price range of 4.15 to 7.22 HKD [7][10].
威高股份（01066）：2025 半年度业绩点评：业绩整体稳健，保持高分红重视股东回报