机构：中金公司 研究员：俞波/张琎 集采降价超预期，新品推广不及预期，国际化不及预期，竞争格局恶化。 1H25 业绩略低于市场预期，但环比回升 财务状况良好，分红率维持50%，并积极投入研发和资产整合。截至1H25，公司净现金34.3 亿元，经 营现金流8.8 亿元。公司维持50%分红比率。1H25，公司研发投入3.16 亿元（+4.6% YoY），占比收入 4.7%。公司预计25-27 年将有100 多项新产品获批上市，包括静疗领域、泌尿耗材、呼吸麻醉设备与耗 材等，积极拓展整合产品管线。 盈利预测与估值 由于集采降幅超预期以及汇兑损失，我们下调2025/2026 净利润9.9%/10.4%至21.31 亿元/23.50 亿元。当 前股价对应2025/2026 年11.6倍/10.4 倍市盈率。维持跑赢行业评级，考虑板块估值中枢上行，我们维持 6.40 港元目标价，对应12.6 倍2025 年市盈率和11.2 倍2026 年市盈率，隐含8.5%的上行空间。 风险 公司公布1H25 业绩：收入66.44 亿元，同比上升0.1%；归母净利润10.08 亿元，同比下降9.0%；扣非归 母净利润9.67 亿元，同比 ...

Core Viewpoint - CICC has downgraded Weigao's (01066) net profit estimates for 2025 and 2026 by 9.9% and 10.4% to CNY 2.131 billion and CNY 2.350 billion respectively, due to unexpected price cuts from centralized procurement and foreign exchange losses [1] Group 1: Financial Performance - The company's 1H25 performance was slightly below market expectations, with revenue of CNY 6.644 billion, a year-on-year increase of 0.1%, and a net profit attributable to shareholders of CNY 1.008 billion, a year-on-year decrease of 9.0% [2] - The company's net profit excluding non-recurring items was CNY 0.967 billion, down 12.7% year-on-year, primarily due to greater-than-expected price reductions from centralized procurement [2] Group 2: Segment Performance - In 1H25, the medical device segment generated revenue of CNY 3.191 billion, a year-on-year increase of 0.1%, with growth expected to continue at a single-digit rate, while pricing is slightly pressured by centralized procurement [3] - The pharmaceutical packaging segment reported revenue of CNY 1.166 billion, down 0.1% year-on-year, mainly affected by price cuts in syringe procurement, although pre-filled syringes showed single-digit growth [3] - The interventional segment's revenue was CNY 1.100 billion, down 1.3% year-on-year, impacted by tariffs, foreign exchange, and increased promotional costs for new products [3] - The orthopedic segment achieved revenue of CNY 0.733 billion, down 1.6% year-on-year, but saw a significant profit increase of 74% due to stable growth post-procurement [3] Group 3: International Expansion and Production - In 1H25, the company's overseas revenue reached CNY 1.624 billion, a year-on-year increase of 4%, accounting for 24% of total revenue, as the company shifts from a foreign trade model to localized management [4] - The company plans to relocate production capacity back to China and establish manufacturing in Southeast Asia to reduce costs and tariff impacts [4] Group 4: Financial Health and R&D Investment - As of 1H25, the company reported net cash of CNY 3.43 billion and operating cash flow of CNY 0.88 billion, maintaining a 50% dividend payout ratio [5] - R&D investment in 1H25 was CNY 0.316 billion, a year-on-year increase of 4.6%, representing 4.7% of revenue, with over 100 new products expected to be approved between 2025 and 2027 [5]