普门科技 688389.SH 公司研究 | 中报点评 海外稳健发展，国内短期承压 ——普门科技 2025 年中报点评 核心观点 盈利预测与投资建议 ⚫ 根据公司 25 年中报，我们下调毛利率预测，预测公司 25-27 年 EPS 分别为 0.80 /0.92/1.05 元（原预测为 25-27 年 0.91/1.06/1.18 元）。基于可比公司估值，给予 25 年 23 倍 PE，目标价为 18.40 元，维持"买入"评级。 风险提示 研发进展不及预期的风险，产品销售不及预期的风险，行业竞争加剧的风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1,146 | 1,148 | 1,294 | 1,465 | 1,650 | | 同比增长 (%) | 16.5% | 0.2% | 12.8% | 13.2% | 12.6% | | 营业利润(百万元) | 345 | 378 | 361 | 424 | 483 | | 同比增长 (%) | 34 ...

证 券 研 究 报 告 普门科技（688389）2025 年中报点评 推荐（维持） 海外业务稳健拓展，Q2 重回增长轨道 目标价：19 元 事项： ❖ 公司发布 25 年中报，25H1 营收 5.07 亿元（-14.08%），归母净利润 1.22 亿元 （-29.27%），扣非归母净利润 1.11 亿元（-32.02%）。单 25Q2，营收 2.92 亿元 （+2.71%），归母净利润 0.68 亿元（+5.00%），扣非归母净利润 0.61 亿元 （+1.76%）。 评论： [ReportFinancialIndex] 主要财务指标 医疗器械 2025 年 09 月 16 日 | | | 华创证券研究所 证券分析师：郑辰 邮箱：zhengchen@hcyjs.com 执业编号：S0360520110002 证券分析师：李婵娟 邮箱：lichanjuan@hcyjs.com 执业编号：S0360520110004 联系人：张良龙 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,148 | 1 ...

事项： 公司发布25 年中报，25H1 营收5.07 亿元（-14.08%），归母净利润1.22 亿元（-29.27%），扣非归母净 利润1.11 亿元（-32.02%）。单25Q2，营收2.92 亿元（+2.71%），归母净利润0.68 亿元（+5.00%），扣 非归母净利润0.61 亿元（+1.76%）。 评论： 国际业务逆势增长，收入占比提升。2025H1，公司实现国际收入1.75 亿元（+9.01%），其中国际IVD 收入1.61 亿元（+7.96%），国际治疗与康复收入0.14 亿元（+22.85%）；国内收入3.32 亿元，同比下降 22.74%。国际业务在复杂外部环境下实现稳健增长，其收入占比提升至34.6%。国内业务主要是行业政 策影响导致产品价格有所下调，以及部分产品短期国内市场需求减少所致。 IVD 业务短期承压，治疗与康复业务相对稳健。分业务看，体外诊断（IVD）业务实现收入3.86 亿元 （-17.60%），占总收入76.1%，预计主要因国内市场IVD 相关政策影响，以及24Q1 呼吸道疾病高发导 致CRP 等项目基数较高。 治疗与康复业务实现收入1.11 亿元（-2.37%）。临床医 ...

Financial Performance - The company reported a net profit of 122 million yuan for the first half of 2025, a decrease of 29.27% year-on-year [1] - Total operating revenue for the same period was 507 million yuan, down 14.08% compared to the previous year [1] - The gross margin was 64.7%, a decline of 3.4% year-on-year, while the net profit margin fell to 23.86%, down 17.75% [1] - The company’s total expenses (selling, administrative, and financial) amounted to 102 million yuan, representing 20.1% of revenue, an increase of 23.58% year-on-year [1] Cash Flow and Assets - The company reported cash flow from operations of 0.27 yuan per share, an increase of 35.3% year-on-year [1] - The net asset value per share increased to 4.8 yuan, up 10.41% year-on-year [1] - The company’s cash assets are considered very healthy, with cash and cash equivalents reported at 1.511 billion yuan, a 13.35% increase [3] Business Development - The company has launched its mid-speed chemiluminescence immunoassay analyzers, eCL8600 and eCL8800, which received CE certification in April 2025, enhancing its international market competitiveness [3][4] - The mid-speed products are designed to meet the needs of laboratories and public hospitals in certain overseas markets, complementing existing small luminescence instruments [3] - The company is also advancing the registration of mid-speed luminescence products in the domestic market, targeting secondary hospitals to serve basic healthcare needs [4] Product Innovation - The company’s carbon dioxide laser treatment machine has obtained domestic Class III medical device registration, capable of treating various skin conditions and reducing fine wrinkles [5] - Future plans include continued investment in research and development to expand the aesthetic medical product line, aligning with consumer demand [5]

Group 1 - The core viewpoint of the news highlights that DingSa Investment has conducted research on a listed company, focusing on its recent product developments and market strategies [1] - Pumen Technology has received CE certification for its fully automated chemiluminescence immunoassay analyzers eCL8600 and eCL8800, which are now available in international markets, enhancing the company's competitiveness in the global in vitro diagnostics sector [1] - The mid-speed luminescence products are designed to meet the needs of secondary hospitals in China, aiming to serve the basic healthcare market [1] Group 2 - In June, Pumen Technology's carbon dioxide laser treatment machine obtained domestic Class III medical device registration, indicating its capability to treat various skin conditions and its unique position in the aesthetic medical device market [1] - The company plans to continue investing in research and development to expand its portfolio of optical aesthetic medical products, aligning with consumer demands [1] - DingSa Investment, established in March 2012, has a strong track record in asset management and has received multiple awards for its performance in the private equity sector [2]