Investment Rating - The investment rating for the company is "Outperform the Market" [5][20]. Core Insights - The company's revenue for the first half of 2025 remained stable at 6.644 billion, with a year-on-year decline in net profit attributable to shareholders of 9.0% [1][7]. - The board proposed a dividend of 442 million, maintaining a 50% payout ratio based on operational net profit [1][7]. - The medical device segment showed stable pricing, while the pharmaceutical packaging segment saw a significant increase in overseas sales, with "ship-to-ship" sales accounting for 35% of total sales, up nearly 10 percentage points year-on-year [2][10]. - The company has established a multi-dimensional barrier with brand image, quality control, scale effect, and cost advantages, indicating strong growth potential and industry leadership [20]. Revenue and Profitability - In the first half of 2025, the medical device business generated approximately 3.3 billion in revenue, with a year-on-year decline in segment profit of 17.1% due to price reductions and foreign exchange losses [2][10]. - The orthopedic business revenue was 730 million, down 1.6%, primarily due to a change in sales model affecting joint product pricing [11]. - The overall gross profit margin for the company was 49.7%, a decrease of 1.2 percentage points year-on-year, while the net profit margin fell to 15.9% [3][14]. Financial Forecasts - The revenue forecasts for 2025-2027 are adjusted to 137.6 billion, 148.5 billion, and 159.6 billion, with year-on-year growth rates of 5.1%, 8.0%, and 7.4% respectively [20]. - The net profit attributable to shareholders is projected to be 21.2 billion, 24.0 billion, and 26.8 billion for the same period, with growth rates of 2.3%, 13.4%, and 11.6% [20]. - The current price-to-earnings ratio is estimated at 11x for 2025, 10x for 2026, and 9x for 2027 [20].
威高股份（01066）：通用耗材趋稳，药包“搭船出海”占比大幅提升