Orient Securities·2025-09-25 11:55Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.68 CNY, based on a 46 times PE valuation for 2025 [4][7]. Core Views - The company is expected to experience a turning point in performance as the impact of centralized procurement diminishes, with a projected revenue increase of 33.9% in 2025 [12]. - The company achieved a revenue of 4.9 billion CNY in the first half of 2025, representing a year-on-year growth of 28.3%, and a net profit of 1.1 billion CNY, up 44.9% year-on-year [12]. - The company is actively expanding its international market presence, with significant progress in obtaining CE and FDA approvals for its products, indicating strong international competitiveness [12]. Financial Summary - Revenue projections for 2025-2027 are 1,079 million CNY, 1,306 million CNY, and 1,578 million CNY, respectively, with corresponding growth rates of 33.9%, 21.0%, and 20.9% [6]. - The company's net profit for 2025 is forecasted at 224 million CNY, with a year-on-year growth of 79.4% [6]. - The gross margin is expected to stabilize around 67.5% in 2025, with a net margin of 20.8% [6].