事项： 公司发布25 年中报，25H1 营收7.45 亿元（+10.19%），归母净利润1.21 亿元（+14.17%），扣非净利 润1.18 亿元（+16.42%）。单25Q2，营收3.97 亿元（+8.16%），归母净利润0.62 亿元（+11.39%），扣 非净利润0.61 亿元（+12.87%）。 评论： 海外业务快速增长，国内业务承压。25H1，公司积极开拓市场，内外销并举，实现了业绩的稳健增 长。外销实现持续高增长，公司进一步深化海外本土化销售，北美、南美、东南亚等地区业务均取得了 快速增长，同时公司泌外创新产品持续实现高速增长，大客户业务也呈现稳定增长态势。内销方面，受 医疗行业整顿、价格联动等政策因素影响，新产品进院节奏放缓，部分产品线增长面临压力。 泌尿外科、护理产品高速增长。分产品看，25H1 公司主营业务中，泌尿外科产品收入1.34 亿元 （+43.90%），护理产品收入0.92 亿元（+30.28%），血透产品收入0.4 亿元（+18.44%），导尿产品收 入2.2 亿元（+13.62%），均实现较快增长。其中，泌尿外科产品的高速增长主要得益于一次性负压清 石鞘等创新产品在海内外市场的 ...

证 券 研 究 报 告 维力医疗（603309）2025 年中报点评 推荐（维持） 海外持续高增长，国内业务承压 目标价：19 元 事项： ❖ 公司发布 25 年中报，25H1 营收 7.45 亿元（+10.19%），归母净利润 1.21 亿元 （+14.17%），扣非净利润 1.18 亿元（+16.42%）。单 25Q2，营收 3.97 亿元 （+8.16%），归母净利润0.62亿元（+11.39%），扣非净利润 0.61亿元（+12.87%）。 评论： [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,509 | 1,740 | 2,048 | 2,368 | | 同比增速(%) | 8.8% | 15.3% | 17.7% | 15.6% | | 归母净利润(百万) | 219 | 264 | 318 | 388 | | 同比增速(%) | 14.0% | 20.3% | 20.2% | 22.2% | | 每股盈利(元) | ...

Core Insights - The company reported a revenue of 745 million yuan for the first half of 2025, representing a year-on-year growth of 10.19% [1] - The net profit attributable to shareholders reached 121 million yuan, with a year-on-year increase of 14.17% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 118 million yuan, reflecting a year-on-year growth of 16.42% [1] - Basic earnings per share stood at 0.41 yuan [1] Revenue Breakdown - The main business revenue was 731 million yuan, showing a year-on-year increase of 10.35% [1] - Revenue from anesthesia products was 209 million yuan, down 4.79% year-on-year [1] - Revenue from catheter products was 220 million yuan, up 13.62% year-on-year [1] - Revenue from urology products reached 134 million yuan, marking a significant year-on-year growth of 43.90% [1] - Revenue from nursing products was 92 million yuan, with a year-on-year increase of 30.28% [1] - Revenue from blood purification products was 40 million yuan, reflecting a year-on-year growth of 18.44% [1] - Revenue from respiratory products was 27 million yuan, down 38.54% year-on-year [1]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company reported a revenue of 1.509 billion yuan in 2024, representing a year-on-year growth of 8.76%, with a net profit attributable to shareholders of 219 million yuan, up 13.98% [1] - In Q1 2025, the company achieved a revenue of 348 million yuan, a year-on-year increase of 12.6%, and a net profit of approximately 58.92 million yuan, growing by 17.25% [1] - The company is experiencing rapid growth in its nursing and catheter products, with nursing product revenue increasing by 27.89% and catheter product revenue by 14.66% in 2024 [2] - The company has seen significant growth in overseas sales, with foreign sales reaching 797 million yuan, up 23.74%, while domestic sales faced short-term pressure, declining by 5.39% to 683 million yuan [3] - The gross margin slightly decreased to 44.53%, primarily due to a higher proportion of lower-margin overseas sales [4] - The company is increasing its R&D investment, with multiple new products receiving various certifications, which is expected to enhance its product structure [5] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 1.509 billion yuan, with a net profit of 219 million yuan, and a gross margin of 44.53% [1][4] - The company forecasts revenues of 1.75 billion yuan, 2.057 billion yuan, and 2.406 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 265 million yuan, 316 million yuan, and 385 million yuan [9][11] Business Segments - The anesthesia product revenue was 477 million yuan (+2.02%), catheter products 438 million yuan (+14.66%), urology products 216 million yuan (+6.22%), nursing products 173 million yuan (+27.89%), respiratory products 83.93 million yuan (-4.32%), and blood dialysis products 75.64 million yuan (+10.49%) in 2024 [2] Market Dynamics - The company is actively expanding its overseas market presence, particularly in Europe, South America, and Southeast Asia, while domestic sales are under pressure due to industry regulations [3] - The company has established a dedicated procurement and public affairs department to navigate procurement policies and maintain communication with healthcare authorities [3] R&D and Product Development - The company has intensified its R&D efforts, with six new products receiving domestic medical device registration and several others obtaining international certifications [5][8]