华安证券（600909）股份有限公司谭国超,李婵近期对安图生物（603658）进行研究并发布了研究报告 《2025Q2发光业务改善，政策环境压力下保持稳健》，给予安图生物买入评级。 安图生物 主要观点： 事件： 公司发布2025年半年度报告，2025年上半年，公司实现营业收入20.60亿元(yoy-6.65%)，归母净利润5.71 亿元(yoy-7.83%)，扣非净利润5.46亿元(yoy-8.79%)。 其中，2025Q2实现营业收入10.64亿元(yoy-4.79%)，归母净利润3.01亿元(yoy+1.97%)，扣非净利润2.89亿 元(yoy+1.58%)，经营性现金流2.44亿元(yoy+45.9%)。 事件点评 行业因素短期仍在，2025Q2发光业务有所改善 可预期的未来几个季度，行业仍受到院端检验量承压、IVD集采全面执行等多重影响，2025Q2公司营业收 入环比+6.9%、归母净利润同比增速回正(环比+11.7%)，经营相对稳健。公司业绩边际改善、盈利能力回 升，一方面主要是收入结构持续优化(主动收缩低毛利的代理业务、高毛利试剂业务占比提升)，另一方 面，2025Q2公司期间费用率显著改善，销 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 投资建议 我们预计公司2025-2027收入有望分别实现45.01亿元、49.75亿元和55.31亿元，同比增长分别约0.7%、10.5%和11.2%，2025-2027年归母净利润分别实现12.20亿元、14.03亿元和16 风险提示 高速机装机进展不及预期风险。 行业竞争加剧风险。 事件： 公司发布2025年半年度报告，2025年上半年，公司实现营业收入20.60亿元(yoy-6.65%)，归母净利润5.71亿元(yoy-7.83%)，扣非净利润5.46亿元(yoy-8.79%)。 其中，2025Q2实现营业收入10.64亿元(yoy-4.79%)，归母净利润3.01亿元(yoy+1.97%)，扣非净利润2.89亿元(yoy+1.58%)，经营性现金流2.44亿元(yoy+45.9%)。 事件点评 行业因素短期仍在，2025Q2发光业务有所改善 可预期的未来几个季度，行业仍受到院端检验量承压、IVD集采全面执行等多重影响，2025Q2公司营业收入环比+6.9%、归母净利润同比增速回正(环比+11.7%)，经营相对稳健。公司业绩边际 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2.06 billion yuan in the first half of 2025, a year-over-year decrease of 6.65%, with a net profit attributable to shareholders of 571 million yuan, down 7.83% year-over-year [4] - In Q2 2025, the company achieved a revenue of 1.064 billion yuan, a year-over-year decrease of 4.79%, but the net profit attributable to shareholders increased by 1.97% year-over-year to 301 million yuan [5] - The company has seen a marginal improvement in performance, with a significant reduction in expense ratios, leading to a recovery in profitability [5] Summary by Sections Financial Performance - In Q2 2025, the company reported a quarter-on-quarter revenue increase of 6.9% and a year-over-year net profit growth of 1.97% [5] - The operating cash flow for Q2 2025 was 244 million yuan, reflecting a year-over-year increase of 45.9% [4] - The company’s revenue from domestic operations in H1 2025 was 1.904 billion yuan, down 8.32% year-over-year, while overseas revenue was 157 million yuan, up 19.78% year-over-year [5] Research and Development - The company maintained high R&D investments, with expenditures of 571.69 million yuan, 656.13 million yuan, and 731.93 million yuan from 2022 to 2024, representing 12.87%, 14.77%, and 16.37% of revenue respectively [6] - In H1 2025, the company obtained 88 new reagent certificates covering various diagnostic methods [6] Future Projections - Revenue projections for 2025 to 2027 are 4.501 billion yuan, 4.975 billion yuan, and 5.531 billion yuan, with year-over-year growth rates of approximately 0.7%, 10.5%, and 11.2% respectively [8] - Net profit attributable to shareholders is expected to reach 1.22 billion yuan, 1.403 billion yuan, and 1.617 billion yuan for the same period, with growth rates of 2.2%, 14.9%, and 15.3% respectively [8]