Investment 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 [5][13]. Core Insights - The company reported a significant revenue increase of 42.30% year-on-year for H1 2025, reaching 544 million yuan, with a net profit of 131 million yuan, also up by 42.19% [3][4]. - The growth in revenue is attributed to both domestic and international markets, with international revenue growing by 61.33% and domestic revenue by 16.87% [4]. - The consumables segment is becoming increasingly important, accounting for approximately 30% of total revenue in H1 2025, which is expected to enhance profitability due to higher replacement frequency and margins [4]. Financial Performance - For the forecast period of 2025-2027, the company is expected to achieve revenues of 1.138 billion yuan, 1.403 billion yuan, and 1.689 billion yuan, with year-on-year growth rates of 34.92%, 23.24%, and 20.40% respectively [5][9]. - The net profit attributable to the parent company is projected to be 264 million yuan, 355 million yuan, and 435 million yuan for the same period, with growth rates of 69.62%, 34.67%, and 22.66% respectively [5][9]. - The company's price-to-earnings (P/E) ratio is expected to decrease from 29.07 in 2025 to 17.60 in 2027, indicating improving valuation metrics [5][9].
瑞迈特（301367）：境外业务快速推进，耗材占比持续增长