事项： 公司发布25 年中报，25H1 营收7.45 亿元（+10.19%），归母净利润1.21 亿元（+14.17%），扣非净利 润1.18 亿元（+16.42%）。单25Q2，营收3.97 亿元（+8.16%），归母净利润0.62 亿元（+11.39%），扣 非净利润0.61 亿元（+12.87%）。 评论： 海外业务快速增长，国内业务承压。25H1，公司积极开拓市场，内外销并举，实现了业绩的稳健增 长。外销实现持续高增长，公司进一步深化海外本土化销售，北美、南美、东南亚等地区业务均取得了 快速增长，同时公司泌外创新产品持续实现高速增长，大客户业务也呈现稳定增长态势。内销方面，受 医疗行业整顿、价格联动等政策因素影响，新产品进院节奏放缓，部分产品线增长面临压力。 泌尿外科、护理产品高速增长。分产品看，25H1 公司主营业务中，泌尿外科产品收入1.34 亿元 （+43.90%），护理产品收入0.92 亿元（+30.28%），血透产品收入0.4 亿元（+18.44%），导尿产品收 入2.2 亿元（+13.62%），均实现较快增长。其中，泌尿外科产品的高速增长主要得益于一次性负压清 石鞘等创新产品在海内外市场的 ...

证 券 研 究 报 告 维力医疗（603309）2025 年中报点评 推荐（维持） 海外持续高增长，国内业务承压 目标价：19 元 事项： ❖ 公司发布 25 年中报，25H1 营收 7.45 亿元（+10.19%），归母净利润 1.21 亿元 （+14.17%），扣非净利润 1.18 亿元（+16.42%）。单 25Q2，营收 3.97 亿元 （+8.16%），归母净利润0.62亿元（+11.39%），扣非净利润 0.61亿元（+12.87%）。 评论： [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,509 | 1,740 | 2,048 | 2,368 | | 同比增速(%) | 8.8% | 15.3% | 17.7% | 15.6% | | 归母净利润(百万) | 219 | 264 | 318 | 388 | | 同比增速(%) | 14.0% | 20.3% | 20.2% | 22.2% | | 每股盈利(元) | ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1][3]. Core Viewpoints - The company has ended inventory destocking with significant localization effects and is experiencing high growth in overseas markets. However, domestic sales are impacted by medical industry regulations, leading to a slowdown in growth [3]. - In 2024, the company achieved a revenue of 1.509 billion yuan, a year-on-year increase of 8.76%, and a net profit of 219 million yuan, up 13.98% year-on-year. The first quarter of 2025 saw a revenue of 348 million yuan, reflecting a year-on-year growth of 12.6% [1][3]. - The company is expanding its market presence in Mexico, Europe, and emerging markets in South America and Southeast Asia, with foreign sales revenue reaching 797 million yuan, a year-on-year increase of 23.74%, accounting for 52.82% of total revenue [3]. - The company has shown strong growth in its anesthesia and urology product lines, with revenues of 477 million yuan and 216 million yuan, respectively, while nursing and catheter products also saw significant growth [3]. Financial Summary - The company’s revenue is projected to grow from 1.753 billion yuan in 2025 to 2.438 billion yuan in 2027, with year-on-year growth rates of 16.1%, 17.6%, and 18.2% respectively [4]. - The net profit attributable to the parent company is expected to increase from 264 million yuan in 2025 to 399 million yuan in 2027, with growth rates of 20.3%, 22.9%, and 23.1% [4]. - The gross margin for 2024 was reported at 44.53%, a decrease of 1.36 percentage points year-on-year, primarily due to the higher proportion of lower-margin overseas sales [3][4]. - The company has effectively controlled expenses, leading to an increase in the net profit margin to 15.14%, up 0.4 percentage points year-on-year [3].

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1][3]. Core Viewpoints - The company has ended inventory destocking with significant localization effects and is experiencing high growth in overseas markets. However, domestic sales are impacted by medical industry regulations, leading to a slowdown in growth [3]. - In 2024, the company achieved a revenue of 1.509 billion yuan, a year-on-year increase of 8.76%, and a net profit attributable to the parent company of 219 million yuan, up 13.98% year-on-year [1]. - The company is expanding its production base in Mexico and exploring markets in Europe, South America, and Southeast Asia, resulting in a 23.74% year-on-year increase in foreign sales revenue, which now accounts for 52.82% of total revenue [3]. - The company’s product lines, particularly anesthesia and urology products, are showing stable growth, with revenues of 477 million yuan and 216 million yuan respectively [3]. - The company is focusing on innovation and increasing R&D investment, which is expected to enhance its product line and improve profit margins [3]. Financial Summary - The company’s total revenue for 2024 is projected to be 1.753 billion yuan, with a year-on-year growth rate of 16.1% for 2025, reaching 2.062 billion yuan in 2026 and 2.438 billion yuan in 2027 [4]. - The net profit attributable to the parent company is expected to grow from 264 million yuan in 2025 to 399 million yuan in 2027, reflecting a compound annual growth rate of 20.3% to 23.1% [4]. - The gross margin for 2024 is reported at 44.53%, with a slight decrease attributed to the higher proportion of lower-margin overseas sales [3][4]. - The company’s sales net profit margin improved to 15.14% in 2024, indicating effective cost control measures [3]. Market and Business Outlook - The company is expected to maintain a steady growth trend as domestic demand recovers and overseas markets continue to expand [3]. - The report anticipates that the introduction of new products will not only diversify the product line but also optimize the product structure, potentially enhancing profitability [3].