证券研究报告 晨会 hyzqdatemark 2026 年 02 月 10 日 投资要点： 资料来源：聚源，华源证券研究所，截至2026年02月10日 华源晨会精粹 20260210 汽车 矿山无人驾驶专题 1:矿山无人驾驶商业模式&市场规模——汽车行业周报：为 什么看好无人矿卡赛道：1）自动驾驶大规模商业化落地进展最快的下游之一且市场 天花板较高；2）技术较为成熟，经济性突出；3）政策鼓励危险场景无人化；4）出 海逻辑清晰；5）格局初定且有较高行业壁垒；以上因素共同决定了行业龙头厂商或 具备长期成长性&投资价值。矿山无人驾驶致力于解决诸多行业痛点问题："矿区通 常地处偏远+作业环境恶劣+健康风险大+劳动强度大"引致招工难、用工贵；"装备 自动化程度低+生产系统碎片化"引致生产效率低。而这其中运输环节用工占比接近 全矿劳动员工的 50%，属于核心降本增效环节。产品模式下无人矿卡赛道市场规模： 产品模式下，下游一次性买断无人矿卡全生命周期服务（车+智驾套件/单独套件）； 该模式对于无人矿卡服务提供商的优点是"轻资产+回款快"；我们测算这种商业模 式下，中长期的国内市场规模区间预计超 200 亿元。 风险提示：1 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][8]. Core Views - The company's revenue growth is resilient, with significant contributions from coronary pathways and the gradual release of new electrophysiology products [4][5]. - The company achieved a revenue of 1.214 billion yuan in the first half of 2025, representing a year-over-year increase of 21.26%, and a net profit of 425 million yuan, up 24.11% year-over-year [3][4]. - The company is positioned as a leading player in the cardiovascular intervention field, benefiting from rapid growth trends in electrophysiology and vascular intervention sectors [8]. Financial Performance Summary - In the first half of 2025, the company reported a revenue of 1.214 billion yuan, with a year-over-year growth of 21.26%, and a net profit of 425 million yuan, reflecting a year-over-year increase of 24.11% [3]. - The company's gross margin for the first half of 2025 was 73.51%, with a slight increase in the second quarter to 73.87% [8]. - The company’s revenue from coronary intervention in the first half of 2025 reached 654 million yuan, marking a year-over-year growth of 30.02% [5]. - The company’s international sales in the first half of 2025 amounted to 143 million yuan, with a year-over-year increase of 23.84% [6]. Future Projections - The company is expected to achieve revenues of 2.066 billion yuan in 2024, 2.704 billion yuan in 2025, and 3.510 billion yuan in 2026, with respective year-over-year growth rates of 25.2%, 30.9%, and 29.8% [9][10]. - The projected net profit for 2025 is 884 million yuan, with a year-over-year growth of 31.3% [10]. - The company’s EPS is expected to grow from 4.77 yuan in 2024 to 6.27 yuan in 2025, and further to 8.10 yuan in 2026 [10].