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 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 19 yuan [2][8]. Core Insights - The company reported a revenue of 507 million yuan for H1 2025, a decrease of 14.08% year-on-year, and a net profit attributable to shareholders of 122 million yuan, down 29.27% [2][8]. - In Q2 2025, the company achieved a revenue of 292 million yuan, reflecting a growth of 2.71% compared to the previous quarter, and a net profit of 68 million yuan, up 5.00% [2][8]. - The international business showed robust growth, with international revenue reaching 175 million yuan, an increase of 9.01%, and accounting for 34.6% of total revenue [2][8]. - The IVD (in vitro diagnostics) business faced short-term pressure, with revenue of 386 million yuan, down 17.60%, while the treatment and rehabilitation business remained relatively stable with revenue of 111 million yuan, down 2.37% [2][8]. - The overall gross margin decreased to 64.7%, with IVD gross margin at 67.15% and treatment and rehabilitation gross margin at 60.32% [2][8]. - The company significantly improved its performance in Q2 2025, with a 35.8% increase in revenue and a 26.46% increase in net profit compared to Q1 2025 [2][8]. - The forecast for net profit attributable to shareholders for 2025-2027 is 290 million, 340 million, and 390 million yuan, respectively, with corresponding PE ratios of 21, 18, and 16 [2][8]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 1,148 million, 1,174 million, 1,342 million, and 1,546 million yuan, respectively, with year-on-year growth rates of 0.2%, 2.3%, 14.3%, and 15.2% [4][8]. - The net profit attributable to shareholders for the same years is projected at 345 million, 292 million, 337 million, and 390 million yuan, with growth rates of 5.1%, -15.4%, 15.6%, and 15.5% [4][8]. - The company’s total market capitalization is 6.05 billion yuan, with a total share capital of approximately 428.49 million shares [5][8].

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed signs of recovery in the second quarter with positive growth in both revenue and net profit [1][4]. Financial Performance - For 2025 H1, the company achieved revenue of 507 million yuan, a decrease of 14.08%, and a net profit attributable to shareholders of 122 million yuan, down 29.27% [1]. - In Q2 2025, revenue was 292 million yuan, an increase of 2.71%, and net profit attributable to shareholders was 68 million yuan, up 5.00% [1][4]. - The overall gross margin for H1 2025 was 64.7%, down 5.12 percentage points, with IVD gross margin at 67.15% and treatment and rehabilitation gross margin at 60.32% [3]. Business Segments - International business showed growth, with international revenue reaching 175 million yuan, up 9.01%, and accounting for 34.6% of total revenue [2]. - Domestic revenue was 332 million yuan, a decline of 22.74%, primarily due to policy impacts and reduced market demand [2]. - IVD business revenue was 386 million yuan, down 17.60%, while treatment and rehabilitation business revenue was 111 million yuan, down 2.37% [2]. Research and Development - The company increased R&D investment, with R&D expenses reaching 113 million yuan, up 11.77%, and R&D expense ratio rising to 22.27%, an increase of 5.15 percentage points [3]. Future Outlook - The company expects net profit attributable to shareholders for 2025-2027 to be 290 million, 340 million, and 390 million yuan, reflecting a year-on-year change of -15.4%, +15.6%, and +15.5% respectively [4]. - A target price of approximately 19 yuan is set for 2026, based on a 24 times valuation [4].

Core Viewpoint - Zhejiang Rural Commercial Bank's Jiaxing branch successfully issued a 1 million yuan "Science and Technology Innovation Incubation Loan" to Dongfang Changguang Health Technology (Jiaxing) Co., Ltd, marking a significant step in supporting the transformation of scientific and technological achievements through its "Five Special and Five Link" financial system [1][2]. Group 1 - The "Science and Technology Innovation Incubation Loan" is designed to provide financial support for small and micro enterprises, particularly in the medical device sector, helping them overcome funding challenges during critical research phases [1][2]. - Dongfang Changguang Health Technology is focused on innovative medical devices, specifically a spectral therapy instrument, which is expected to gain significant market traction and clinical importance [1]. - The loan will assist the company in obtaining a Class III medical device certification, which is crucial for its development [1]. Group 2 - The "Five Special and Five Link" financial service system includes specialized organizational structures, professional talent teams, dedicated evaluation mechanisms, exclusive financial products, and responsible risk management [2]. - The "Science and Technology Innovation Incubation Loan" offers a maximum financing amount of 3 million yuan with favorable interest rates, primarily using credit guarantees to meet the funding needs of early-stage technology enterprises [2]. - The bank has developed a diverse ecosystem of technology financial products, including "Science and Technology Index Loans," covering three growth stages of enterprises: incubation, growth, and maturity [3]. Group 3 - As of June 2023, the bank has supported 635 technology enterprises with a loan balance of 8.601 billion yuan, demonstrating its commitment to fostering innovation and growth in the sector [3].