Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][12]. Core Insights - The company achieved a revenue of 1.067 billion yuan in H1 2025, representing a year-on-year increase of 3.94%, and a net profit attributable to shareholders of 335 million yuan, up 8.82% year-on-year [1]. - The company's gross margin was 52.97%, with a slight year-on-year decrease of 1.18 percentage points, while the net profit margin improved by 1.20 percentage points to 30.47% [2]. - The company is expected to benefit from the medical equipment upgrade policy, with projected revenues of 2.29 billion, 3.02 billion, and 3.83 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 627 million, 851 million, and 1.053 billion yuan [4]. Financial Performance Summary - In H1 2025, the company's revenue from the detector business was 866 million yuan, a year-on-year increase of 2.65%, while the core components business generated 82 million yuan in revenue with a gross margin of 18.2% [2]. - The company invested 154 million yuan in R&D in H1 2025, representing a R&D expense ratio of 14.46% [2]. - The company forecasts a net profit growth rate of 34.9% for 2025, with an expected PE ratio of 34 [5][10].

Core Insights - The company experienced a decline in its main detector business due to weak industry demand, but new products showed significant growth [1] - The overall gross margin decreased, coupled with increased management and financial expenses, leading to a drop in net profit margin [2] - The company is optimistic about a turnaround in performance for the full year 2025, supported by improved market conditions and contract liabilities growth [3] - The company is pursuing vertical integration and horizontal expansion to establish itself as a comprehensive component supplier [4] - The company plans to raise funds through a private placement to support the construction of X-ray vacuum devices and comprehensive solutions, which will enhance production capacity [5] Financial Performance - In 2024, the company achieved total revenue of 1.831 billion yuan, a year-on-year decrease of 1.74%, with the detector business revenue at 1.490 billion yuan, down 11.99% [1] - The overall gross margin for 2024 was approximately 50.11%, a decline of 7.73 percentage points year-on-year, with the detector gross margin at 56.65%, down 3.48 percentage points [2] - The net profit for 2024 was 465 million yuan, a year-on-year decline of 23.43%, resulting in a net profit margin of 25.40%, down 7.19 percentage points [2] Business Development - The company is actively developing upstream components and materials for detectors, with successful R&D and production of 2D collimators for medical CT and security CT applications [4] - The company has completed the R&D and initial production of high-voltage generators and combination ray sources, with plans for further expansion into more application areas [4] - The company aims to increase production capacity by 77,000 tubes and 19,300 sets of X-ray comprehensive solutions through a planned investment project [5] Future Outlook - The company expects revenue growth to reach 2.208 billion yuan in 2025, with net profit projected at 648 million yuan, indicating a potential performance reversal [5] - The company maintains a positive long-term growth outlook, supported by ongoing market recovery and expansion initiatives [5]