公司发布 2025 半年度报告：2025 年上半年实现营业收入 12.14 亿元，同比增 长 21.26%；归母净利润 4.25 亿元，同比增长 24.11%；扣非归母净利润 4.11 亿元，同比增长 25.33%。 其中，2025 年第二季度营业收入 6.50 亿元，同比增长约 17.3%；归母净利润 2.42 亿元；扣非归母净利润 2.30 亿元。 证券研究报告 | 公司点评报告 2025 年 08 月 25 日 惠泰医疗（688617.SH） PFA 放量迅速，血管介入表现强劲 消费品/生物医药 强烈推荐（维持） 目标估值：NA 当前股价：283.6 元 基础数据 | 总股本（百万股） | 141 | | --- | --- | | 已上市流通股（百万股） | 141 | | 总市值（十亿元） | 40.0 | | 流通市值（十亿元） | 40.0 | | 每股净资产（MRQ） | 19.8 | | ROE（TTM） | 27.0 | | 资产负债率 | 12.2% | | 主要股东 深圳迈瑞科技控股有限责任 | | | 主要股东持股比例 | 21.05公司% | 股价表现 % 1m 6m 12m 绝对 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance in the first half of 2025 met expectations, with total revenue of 1.214 billion yuan, representing a year-on-year growth of 21.26%, and a net profit attributable to shareholders of 425 million yuan, up 24.11% year-on-year [8] - The promotion of the PFA new product is progressing smoothly, with expectations for accelerated growth in the second half of the year [8] - The company has completed over 800 PFA pulse ablation surgeries and has made significant progress in product access and routine operations across major centers nationwide [8] - The vascular intervention product line has seen a strong increase in the number of hospitals adopting its products, with coronary products entering over 18% more hospitals compared to the same period last year [8] - The company's international brand products have shown rapid growth, with a year-on-year increase of 34.56% in key markets [8] - The profit forecast for 2025 remains unchanged, with an expected net profit of 907 million yuan, and a downward adjustment for 2026-2027 net profits to 1.200 billion and 1.588 billion yuan respectively [8] Financial Summary - Total revenue projections for the company are as follows: 2.066 billion yuan in 2024, 2.684 billion yuan in 2025, 3.455 billion yuan in 2026, and 4.474 billion yuan in 2027, with respective year-on-year growth rates of 25.18%, 29.93%, 28.72%, and 29.50% [1][9] - The projected net profit attributable to shareholders is 673 million yuan in 2024, 907 million yuan in 2025, 1.200 billion yuan in 2026, and 1.588 billion yuan in 2027, with year-on-year growth rates of 26.08%, 34.78%, 32.32%, and 32.27% [1][9] - The latest diluted EPS is projected to be 4.77 yuan in 2024, 6.43 yuan in 2025, 8.51 yuan in 2026, and 11.26 yuan in 2027 [1][9]