证券研究报告 美亚光电 (002690 CH) 看好新品带动盈利能力持续提升 | 华泰研究 | | | 年报点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 3 月 | 31 日│中国内地 | 专用设备 | 目标价(人民币): | 22.50 | 公司发布 25 年年报，收入 24 亿，同比+4%，归母净利润 7.2 亿，同比+11%， 其中 25Q4 单季度实现收入 7.1 亿，同比-3%，归母净利润 2 亿，同比+0.6%。 公司年报利润略微高于我们此前报告中 7.0 亿的预期，超出原因主要系下半 年毛利率有所提升。25 年公司色选机业务维持稳健增长，同时 CBCT 行业 竞争有所缓和，看好后续稳健的盈利表现和高分红属性，维持"增持"评级。 聚焦优质客户，色选机出海和产品升级带动 25 年收入增长 25Q4 公司收入同比-3%，较前三季度有所放缓，或主要来源于公司经营决 策调整、更为聚焦优质客户。全年公司色选机/医疗设备/工业检测收入分别 同比+8%/-10%/+3.5%。色选机方面，国内农产品色选市场已进入成熟稳 ...

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].