Investment Rating - The investment rating for the company is "Accumulate" and is maintained [1] Core Views - The company has shown steady growth in performance, with a significant increase in cash flow [4] - The main source of revenue growth is from color sorting machines, with a year-on-year revenue increase of 15.17% [5] - The company is transitioning from a single equipment manufacturer to a systematic solution provider, leveraging AI and big data for product innovation [6] - The company has achieved a net cash flow from operating activities of 393 million yuan, a year-on-year increase of 125% [6] Financial Performance - In the first half of 2025, the company achieved revenue of 1.023 billion yuan, a year-on-year increase of 9.92% [4] - The net profit attributable to the parent company was 303 million yuan, up 11.34% year-on-year [4] - The gross profit margin increased by 1.26 percentage points to 52.14% [5] - The company expects revenue for 2025-2027 to be 2.626 billion, 2.948 billion, and 3.269 billion yuan, with year-on-year growth rates of 13.66%, 12.25%, and 10.88% respectively [7] Valuation Metrics - The price-to-earnings (P/E) ratios for 2025-2027 are projected to be 24.23, 21.51, and 19.24 respectively [7] - The company maintains a low debt-to-asset ratio of 16.5% [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [5][8]. Core Insights - The company reported a revenue of 1.023 billion yuan for the first half of 2025, representing a year-on-year increase of 9.92%. The net profit attributable to shareholders was 303 million yuan, up 11.34% year-on-year [1]. - The color sorting machine business showed strong growth, with revenue of 742 million yuan in the first half of 2025, an increase of 15.17% year-on-year [2]. - The company launched several new products and technologies in the color sorting machine and high-end medical imaging equipment sectors, enhancing its market leadership [4]. Financial Performance - The company's gross margin and net profit margin for the first half of 2025 were 52.14% and 29.61%, respectively, both showing improvements compared to the previous year [3]. - The company expects to achieve revenues of 2.596 billion yuan, 2.899 billion yuan, and 3.219 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits projected at 719 million yuan, 816 million yuan, and 924 million yuan [5][7]. Business Segments - The color sorting machine segment is performing well, while the medical equipment and X-ray industrial inspection machine segments experienced slight declines in revenue [2]. - The company has seen a significant increase in contract liabilities, up 116.73% from the beginning of the period, primarily due to growth in advance payments [2]. Innovation and Development - The company introduced the AI-powered sorting model and the new generation AI+ digital color sorting machine, enhancing its product offerings in the market [4].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company reported a revenue of 1.023 billion yuan for the first half of 2025, representing a year-on-year growth of 9.92%. The net profit attributable to the parent company was 303 million yuan, up 11.34% year-on-year [1][6] - The color sorting machine business accounted for over 70% of total revenue, with a significant increase in gross margin [1] - The company launched the new AI+ intelligent color sorting machine "Meiya Master 4.0," enhancing its market competitiveness [1] - The medical equipment segment stabilized with a revenue of 204 million yuan, maintaining a gross margin of 48.45% [1][5] Financial Performance - The company achieved a net cash flow from operating activities of 393 million yuan, a year-on-year increase of 125.28% [1] - The overall gross margin for the first half of 2025 was 52.14%, an increase of 1.26 percentage points year-on-year [1] - The color sorting machine segment's revenue was 742 million yuan, with a gross margin of 51.87%, up 2.84 percentage points year-on-year [1] - The projected net profits for 2025-2027 are 730 million, 805 million, and 867 million yuan respectively, with corresponding EPS of 0.83, 0.91, and 0.98 yuan per share [6][9] Market Position - The company has established a leading position in the color sorting machine market through continuous innovation and product iteration [1] - The "Meiya Meiya" digital cloud platform for oral health has surpassed 10,000 end users, laying a solid foundation for future growth in the medical business [5]