病人监护产品

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理邦仪器(300206):2025年中报点评:海外经营稳健,利润表现亮眼
Soochow Securities· 2025-08-26 10:31
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company achieved a revenue of 914 million yuan in the first half of 2025, a slight decrease of 0.91% year-on-year, while the net profit attributable to shareholders was 154 million yuan, an increase of 23.47% [8] - The company maintains stable gross margins across its product lines, with patient monitoring gross margin at 55.77% and in-vitro diagnostics at 58.80% [8] - The company is expected to achieve net profits of 203 million yuan, 254 million yuan, and 304 million yuan for 2025, 2026, and 2027 respectively, corresponding to a PE ratio of 39, 31, and 26 times [8] Financial Performance Summary - Total revenue for 2023 is projected at 1,938 million yuan, with a year-on-year growth of 11.22% [1] - The net profit attributable to shareholders for 2023 is estimated at 221.30 million yuan, reflecting a year-on-year decrease of 5.00% [1] - The latest diluted EPS for 2023 is 0.38 yuan per share, with a projected PE ratio of 35.39 times [1] Revenue Breakdown - In the first half of 2025, revenue from patient monitoring was 269 million yuan (up 11.61%), while in-vitro diagnostics revenue was 191 million yuan (down 2.95%) [8] - The second quarter of 2025 saw a revenue of 493 million yuan, a quarter-on-quarter increase of 17.39%, with international market revenue reaching 303 million yuan, up 19.02% [8]