公司发布25 年中报，25H1 营收2.66 亿元（+20.50%），归母净利润0.74 亿元（+5.52%），扣非归母净 利润0.72 亿元（+12.07%）。单25Q2，营收1.19 亿元（+15.52%），归母净利润0.28 亿元（-13.55%）， 扣非归母净利润0.26 亿元（-7.07%）。 事项： 评论： 海外需求强劲复苏，业绩重回增长通道。25H1 收入增长主要得益于海外大客户完成去库存，需求增长 明显，以及国内医用光学产品销售增长较快。分业务看，医用内窥镜器械收入达2.07 亿元，同比增长 17.72%，占主营业务收入的78.28%；光学产品收入0.57 亿元，同比增长34.62%，占主营业务收入的 21.72%。 分地区看，海外市场成为增长主动力，收入同比增长约28.6%；国内市场收入保持平稳增长。利润增速 低于收入增速主要系公司在研发、国内市场营销网络及海外建厂等方面投入增加，同时受汇兑收益及理 财收益减少等因素影响。 全球化产能布局成效显著，有效对冲贸易风险。面对复杂的国际贸易环境，公司前瞻性的全球化布局优 势凸显。25H1 公司泰国工厂已建成内窥镜和光源模组生产线，大部分销往美国的产 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant growth in 2024, with revenue projected at 2.836 billion yuan (up 59.8% year-on-year) and net profit attributable to shareholders at 733 million yuan (up 55.3%) [5] - The company benefits from strong customer relationships and robust manufacturing capabilities, which contribute to impressive revenue and profit growth [5] - The company has adjusted its profit forecasts for 2025-2026 due to increased capital expenditures related to capacity expansion, with net profit estimates of 864 million yuan for 2025 and 1.049 billion yuan for 2026 [5] Revenue Summary - The primary revenue source for the company remains stainless steel vacuum containers, with revenue from stainless steel vacuum cups reaching 2.682 billion yuan (up 57.64%) in 2024, accounting for 94.56% of total revenue [6] - International market revenue has been a significant growth driver, with overseas revenue at 2.690 billion yuan (up 59.39%), representing 94.85% of total revenue [6] Profitability Summary - The company's gross margin for 2024 is reported at 37.67% (down 3.05 percentage points), with a quarterly gross margin of 33.3% in Q4 2024 (down 10.5 percentage points) [7] - The net profit margin for 2024 is 25.8% (down 0.7 percentage points), with a quarterly net profit margin of 23.7% in Q4 2024 (down 5.2 percentage points) [7] Company Highlights - The completion of the Vietnam production capacity project, which can produce 13.5 million stainless steel vacuum cups annually, enhances the company's order capacity and competitive advantage [8] - The company has deepened its partnership with PMI, with revenue from this client reaching 2.470 billion yuan (up 63.96%), accounting for 87.15% of total revenue [8] Financial Summary and Valuation Metrics - The company’s revenue is projected to grow from 2.836 billion yuan in 2024 to 5.144 billion yuan in 2027, with a compound annual growth rate of approximately 19.9% [9] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 8.32 yuan, 10.10 yuan, and 12.24 yuan, respectively [9]