证券研究报告 2025年10月19日 行业报告： 行业专题研究 医疗设备行业及个股2025半年度回顾与展望 天风医药细分领域分析与展望（2025H1） 作者： 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 请务必阅读正文之后的信息披露和免责申明 2 二季度收入、净利润同比下滑，2025H1业绩承压。2025H1医疗设备板块整体营业收入同比-7.3%；归母净利润 同比-27.0%；扣非归母净利润同比-27.7%。2025Q2板块整体营业收入同比-8.89%；归母净利润同比-34.9； 扣非归母净利润同比-36.8%。2025H1业绩阶段性承压。 毛利率同比下降，费用率同比持平。2025H1板块毛利率为50.5%，2025Q2板块毛利率为49.7%，同比小幅下降。 毛利率下降主要因为国内医疗器械集采和地方设备更新相关的招采对于国内市场的产品价格压力较大。步策相 招投标持续恢复，数据改善或将迎来拐点 国内招投标在恢复过程中。去年12月份以来医疗设备的月度招标数据持续改善，只是因为当前的竞争更加激烈， 导致从公开招标到收入确认的周期被显著拉长，因此国内今年上半年的收入实际对应的是去年招标的大幅下滑 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the analysis suggests a positive outlook based on expected revenue growth and recovery in profitability. Core Views - The company reported a revenue of 964 million yuan for the first half of 2025, a year-over-year decrease of 4.78%, with a net profit attributable to shareholders of 47 million yuan, down 72.43% year-over-year [1][2] - The second quarter of 2025 showed signs of recovery with a revenue of 534 million yuan, reflecting a slight year-over-year increase of 0.17% [1][2] - The company is expected to benefit from the recovery of medical equipment procurement and the growth of new products, which may enhance profitability in the future [2] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a revenue of 964 million yuan, with Q1 and Q2 revenues of 430 million yuan (down 10.29% YoY) and 534 million yuan (up 0.17% YoY) respectively [1][2] - The gross profit margin for the first half of 2025 was 62.08%, a decrease of 5.35 percentage points year-over-year, primarily due to significant price reductions in procurement projects and the initial market expansion of new business lines [2] - The company’s operating cash flow showed a significant decline, with a net cash flow of -250 million yuan, a year-over-year decrease of 1,756.17% [1] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 2.318 billion yuan, 2.797 billion yuan, and 3.342 billion yuan, with year-over-year growth rates of 15.1%, 20.6%, and 19.5% respectively [3] - The net profit attributable to shareholders is expected to reach 334 million yuan, 479 million yuan, and 608 million yuan for the same years, reflecting growth rates of 134.4%, 43.6%, and 27.0% respectively [3] Business Segments - The ultrasound business generated 550 million yuan in revenue for the first half of 2025, down 9.87% year-over-year, while the endoscope segment achieved 388 million yuan, a slight increase of 0.08% [2] - The company anticipates that the continued demand for medical equipment will lead to a return to a rapid growth trajectory in performance [2] Cost Structure - The company maintained high R&D and sales expense ratios, with sales, management, and R&D expense ratios at 31.63%, 7.11%, and 25.31% respectively for the first half of 2025 [2] - The focus on high-end product development is expected to drive profitability recovery, with new high-margin products anticipated to contribute positively [2]