海泰新光（688677）：业绩稳步增长，海外产能落地顺利

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in performance, with significant overseas revenue growth [5] - The construction of overseas production capacity is progressing smoothly, with the Thailand factory becoming a key production site [6] - The company is expected to achieve revenue of 5.60 billion, 6.75 billion, and 8.17 billion from 2025 to 2027, with corresponding net profits of 1.88 billion, 2.32 billion, and 2.86 billion [7][8] Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 266 million (yoy +20.50%) and a net profit of 74 million (yoy +5.52%) [4] - For Q2 2025, the company reported revenue of 119 million (yoy +15.52%) and a net profit of 28 million (yoy -13.55%) [4] Revenue Breakdown - Medical endoscope revenue reached 207 million (yoy +17.72%), with significant growth in overseas sales [5] - Domestic revenue was 67 million (yoy +1.52%), while overseas revenue was 198 million (yoy +28.57%) [5] Production Capacity - The company has established endoscope and light source module production lines in Thailand, supporting exports to the U.S. and mitigating tariff impacts [6] - The company is collaborating with a major U.S. client on the next-generation endoscope system, expanding its product offerings [6] Future Projections - Revenue growth rates are projected at 26.5%, 20.5%, and 21.1% for 2025, 2026, and 2027 respectively [7] - The company anticipates a recovery in order placement rhythm following the completion of inventory adjustments by major clients [8]