不过，高视医疗的股价并未一路上攻，去年9月中下旬开始，随着港股医药板块的整体回调，高视医疗的股价也开始了一段为期3个月的横盘震荡，直到去年 12月下旬才跌破平台开始走低。 得益于2025年港股医药板块行情大涨以及公司中报亮眼表现，高视医疗(02407)在去年3月被踢出港股通名单后，股价反而实现了月度"四连阳"。去年5月至9 月，公司股价累涨幅度达到65.50%，在当时的"出通股"中表现亮眼。 智通财经APP观察到，从去年12月22日至今，高视医疗股价累计跌幅近20%，基本回吐了去年中报以来的所有涨幅。如今2025年报即将出炉，其能否凭借亮 眼业绩再获市场青睐? 港股通资金开启新一轮出清行情? 去年3月10日，2025第一期港股通标的的名单调整生效。当日，被剔除港股通的股票当日股价平均下跌14.24%，平均成交额上升19%。其中20只股票跌幅超 过10%，高视医疗便是其中之一。通常来说，标的"出通"后往往会迎来场内港股通资金的单向抛压，那高视医疗在去年12月下半月至今的这轮下跌行情，是 否是港股通资金开启的新一轮出清行情呢? 智通财经APP了解到，由于高视医疗在当时"出通"前的检讨周期内日平均市值仅为24.64 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][17] Core Views - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 4.936 billion yuan, down 20.61% year-on-year, and a net profit of 10 million yuan, down 85.68% year-on-year [2][3] - The company is focusing on high-quality development with improved operating cash flow, reducing accounts receivable by 329 million yuan to 6.930 billion yuan as of mid-2025, and achieving a net operating cash flow of 278 million yuan, an increase of 199.56% year-on-year [6][3] - The company is optimistic about recovering profitability as the risks associated with COVID-19 receivables are gradually cleared [6][3] Financial Performance Summary - For 2023A, the company reported a revenue of 13.408 billion yuan, with a year-on-year growth rate of -34% [2] - The projected revenue for 2025E is 10.033 billion yuan, with a year-on-year growth rate of -18% [2] - The projected net profit for 2025E is 125 million yuan, with a significant recovery expected in subsequent years [2] - The company’s gross margin for the first half of 2025 was 27.59%, a slight decline of 0.10 percentage points year-on-year [6] - The company’s net profit margin for the first half of 2025 was 1.67%, down 1.11 percentage points year-on-year [6] Business Segment Analysis - The diagnostic services revenue for the first half of 2025 was 1.715 billion yuan, down 27.38% year-on-year, while the ICL segment revenue was 1.627 billion yuan, down 26% [6] - The proportion of revenue from special inspections increased significantly, with special inspection revenue at 817 million yuan, accounting for 47.63% of total revenue [6] - The company has increased its focus on regional leading hospitals, with the proportion of revenue from tertiary hospitals rising from 41% to 49.28% [6] Future Outlook - The company expects to clear COVID-19 receivable risks and anticipates a revenue of 10.033 billion yuan in 2025, with a projected growth of 2.3% in 2026 and 3.2% in 2027 [6] - The projected net profit for 2026E is 469 million yuan and for 2027E is 604 million yuan, indicating a strong recovery trajectory [2] - The current stock price corresponds to a P/E ratio of 81 for 2025E, 21.6 for 2026E, and 16.8 for 2027E, suggesting potential upside [2]