随着国内医美市场竞争趋于激烈后，"出海"正在成为行业的重要主题。 近期，半岛医疗射频皮肤治疗仪"半岛逆时针"正式获批国家药监局第三类医疗器械注册证，成为国内首 个获得"械三证"的国产黄金微针设备。 在此之前，半岛逆时针已率先取得美国FDA 510（k）注册证。 据雷晓斌向信风透露，目前逆时针已进入美国前30强，计划2026年覆盖全美前300强的医疗机构。 具体来看，半岛医疗主要采取与哈佛大学麻省总院、波士顿实验室、UCI等机构课题合作的形式进行设 备的推广。 这也是目前不少采取"高举高打"策略的医疗设备企业进入美国市场的重要打法之一。例如此前医学影像 设备企业联影医疗开拓美国市场时，亦是通过与当地顶尖高校和研究机构建立研究合作。 针对外界关注的资本化进程，雷晓斌向信风表示，受限于当前的外部环境，短期内暂无上市计划，现阶 段将继续专注于技术研发，致力于推动其设备在全球市场实现突围。 半岛医疗能否顺利在美国市场斩获更多市场份额，正受到关注。 随着此次国内牌照的落地，"半岛逆时针"正式确立了NMPA与FDA"双认证"的合规壁垒，这也为其在美 国等海外高端市场的进一步渗透提供了关键支撑。 据半岛医疗创始人雷晓斌向信风 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a clear performance inflection point with rapid growth in overseas markets and a recovery in domestic business [3][7] - In the first half of 2025, the company achieved revenue of 6.016 billion yuan, representing a year-on-year increase of 12.79%, and a net profit attributable to shareholders of 999.8 million yuan, up 5.03% [7] - The domestic market revenue reached 4.873 billion yuan, growing by 10.74%, with a 3.4 percentage point increase in market share in the medical imaging and radiation therapy equipment sector [7] - The overseas business revenue was 1.142 billion yuan, up 22.48%, accounting for 18.99% of total revenue, with significant growth in the US and European markets [7] - The company has a strong order backlog, with contract liabilities of 2.463 billion yuan, reflecting good order conditions [7] - The company has implemented a stock incentive plan with ambitious growth targets, indicating confidence in future growth [7] - Revenue forecasts for 2025 to 2027 are adjusted to 12.396 billion yuan, 14.926 billion yuan, and 17.808 billion yuan, with corresponding net profits of 1.861 billion yuan, 2.365 billion yuan, and 2.962 billion yuan [8] Financial Summary - The company’s current price-to-earnings (PE) ratio is 96.27, and the price-to-book (PB) ratio is 6.06 [1] - The total market capitalization is 126.08 billion yuan, with a total share count of 824 million shares [1] - The projected earnings per share (EPS) for 2025 is 2.26 yuan, with a PE ratio of 67.8 [8]