Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [3]. Core Insights - The company reported a revenue of 266 million yuan for the first half of 2025, reflecting a year-on-year growth of 20.5%. The net profit attributable to shareholders was 74 million yuan, with a growth of 5.5% [3]. - The medical endoscope segment generated 207 million yuan in revenue, up 17.7% year-on-year, while the optical segment saw a revenue increase of 34.6% to 57 million yuan [3]. - The gross margin improved to 65.8% in the first half of 2025, slightly up from 64.5% in 2024, attributed to a higher proportion of high-margin products and effective cost management [3]. - The company has initiated the production of endoscopes in its Thailand facility, which is expected to mitigate tariff impacts and enhance long-term growth prospects [3]. Financial Data and Profit Forecast - Projected total revenue for 2025 is estimated at 671 million yuan, with a year-on-year growth rate of 27.5% [2]. - The forecasted net profit for 2025 is 172 million yuan, representing a growth of 27.4% compared to the previous year [2]. - Earnings per share (EPS) is expected to reach 1.44 yuan in 2025, with a consistent growth trajectory anticipated through 2027 [2]. - The company's return on equity (ROE) is projected to improve to 12.3% in 2025, indicating enhanced profitability [2].

Investment Rating - The report maintains a "Buy" rating for the company [2][7]. Core Insights - The company experienced a revenue decline of 6% in 2024, with total revenue of 443 million yuan and a net profit of 135 million yuan, down 7% year-on-year. This was attributed to delayed recovery in core customer demand [7]. - In Q1 2025, the company reported a revenue of 147 million yuan, reflecting a year-on-year growth of 24.9%, and a net profit of 47 million yuan, up 21.5% year-on-year, indicating a recovery in performance [7]. - The company is entering a product harvest phase with several new medical endoscope products launched or set to launch in both domestic and international markets, which is expected to drive future growth [7]. Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 565 million yuan in 2025 to 791 million yuan in 2027, with corresponding net profits expected to rise from 183 million yuan to 276 million yuan [6][9]. - The gross margin is expected to remain stable at around 64.5% over the forecast period, with a return on equity (ROE) projected to increase from 12.5% in 2025 to 15.5% in 2027 [6]. - The price-to-earnings (PE) ratio is forecasted to decrease from 23 in 2025 to 15 in 2027, indicating potential undervaluation compared to industry peers [7].