澳华内镜（688212）：上半年业务持续承压，预计下半年修复

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue of 260 million yuan, down 26.36% year-on-year, and a net loss of 40.77 million yuan, down 820.03% year-on-year [4][5] - The company is focusing on inventory reduction while facing pressure on performance, with a notable market share held by foreign enterprises in the soft endoscope sector, particularly in tertiary hospitals [5] - The company is actively advancing new product launches to establish a foundation for future growth, with several new products having received certification and ongoing research and development efforts [6] Financial Performance Summary - In H1 2025, the company achieved revenue of 240 million yuan from endoscope equipment, down 29.63% year-on-year, with a gross margin of 63.75% [5] - The company expects revenue growth from 2025 to 2027, with projected revenues of 822 million yuan, 1.024 billion yuan, and 1.277 billion yuan, representing year-on-year growth rates of 9.7%, 24.6%, and 24.7% respectively [7][8] - The projected net profit for the same period is expected to be 39 million yuan, 93 million yuan, and 138 million yuan, with year-on-year growth rates of 85.7%, 137.5%, and 48.7% respectively [8]