盈利预测与投资评级：考虑到上半年短期承压，公司业绩有望逐步复苏，我们将公司2025-2027 年归母 净利润由20.91/24.82/28.96 亿元下调为18.49/22.52/27.57 亿元，对应当前市值的PE 分别为22/18/15 倍， 考虑到公司海外发展顺利，维持"买入"评级。 风险提示：地缘政治风险，新产品市场推广或不及预期的风险，医药行业政策风险等。 国内市场覆盖度逐步提升：2025H1，国内实现收入12.29 亿元（-12.81%），其中，国内试剂类业务收 入同比下降18.96%，国内仪器类收入同比增长18.18%；公司延续大客户营销策略，通过高速化学发光 免疫分析仪MAGLUMI X8、MAGLUMI X6 及流水线产品SATLARS T8 的推广，持续拓展国内大型医疗 终端。2025H1，国内市场完成化学发光免疫分析仪装机774 台，大型机装机占比达到74.81%。截止 2025H1，公司产品服务的三级医院数量达到1,835 家，三级医院覆盖率为47.60%，其中三甲医院的覆盖 率达63.51%（依据2024 年8 月国家卫健委发布的《2023 年我国卫生健康事业发展统计公报》数据计 算 ...

证券研究报告·公司点评报告·医疗器械 新产业（300832） 2025 年中报点评：海外推进顺利，期待逐季 改善 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,930 | 4,535 | 4,897 | 5,707 | 6,619 | | 同比（%） | 28.97 | 15.41 | 7.98 | 16.53 | 15.98 | | 归母净利润（百万元） | 1,654 | 1,828 | 1,849 | 2,252 | 2,757 | | 同比（%） | 24.53 | 10.57 | 1.13 | 21.78 | 22.46 | | EPS-最新摊薄（元/股） | 2.10 | 2.33 | 2.35 | 2.87 | 3.51 | | P/E（现价&最新摊薄） | 24.90 | 22.52 | 22.27 | 18.29 | 14.93 | [Table_Tag] [Table_Summary] ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][9]. Core Views - The company's revenue growth aligns with expectations, facing short-term pressure in the domestic market due to DRG/DIP reforms and centralized procurement, while the overseas market shows strong performance [4][5]. - The domestic market revenue for H1 2025 was 1.229 billion yuan, down 12.81% year-on-year, with the domestic reagent business declining by 18.96% due to price drops from inter-provincial alliance procurement and reduced testing volumes [4]. - The overseas market revenue reached 0.952 billion yuan in H1 2025, up 19.57% year-on-year, driven by a 36.86% increase in reagent business due to rising instrument installations [5]. Financial Summary - For H1 2025, the company achieved operating revenue of 2.185 billion yuan, down 1.18% year-on-year, and a net profit of 0.771 billion yuan, down 14.62% year-on-year [3]. - The company projects operating revenues of 4.989 billion yuan, 6.011 billion yuan, and 7.225 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 10.0%, 20.5%, and 20.2% [6][12]. - The net profit is expected to be 1.921 billion yuan, 2.381 billion yuan, and 2.953 billion yuan for the same years, with growth rates of 5.0%, 24.0%, and 24.0% respectively [6][12]. Market Position and Strategy - The company continues to expand its high-end product matrix, with flagship machines leading the market and a total installation of 4,300 units by H1 2025 [8]. - The company has established operations in 14 core countries, enhancing its global brand presence and transitioning to a deeper operational phase in overseas markets [5][8]. - The company is focusing on increasing sales and R&D investments to support long-term growth, despite short-term performance pressures [8].

Core Viewpoint - The company has reported a decline in domestic revenue due to market challenges while achieving growth in overseas markets, driven by strategic innovations and product development [5][6][9]. Group 1: Company Overview - The company focuses on independent innovation and continuous technological advancements to provide high-quality in vitro diagnostic products globally [5]. - The company has not changed its controlling shareholder or actual controller during the reporting period [5]. Group 2: Financial Performance - The company achieved operating revenue of 1.84 billion yuan, a decrease of 1.18% year-on-year, with a total profit of 875 million yuan, down 15.87% year-on-year [9]. - The net profit attributable to shareholders was 771 million yuan, a decrease of 14.62% compared to the previous year [9]. Group 3: Domestic Market Performance - Domestic revenue from in vitro diagnostic services was 1.23 billion yuan, a year-on-year decline of 12.81%, with reagent revenue down 18.96% and instrument revenue up 18.18% [6]. - The company installed 774 units of chemiluminescence immunoassay analyzers, with a 74.81% share of large machines, and served 1,835 tertiary hospitals, achieving a coverage rate of 47.60% [6]. Group 4: International Market Performance - The company established a wholly-owned subsidiary in South Korea and has built operational systems in 14 core countries, enhancing its global brand influence [7]. - Overseas revenue reached 952 million yuan, a year-on-year increase of 19.57%, with reagent business growing by 36.86% [7]. Group 5: Product Development and Sales - The flagship model MAGLUMI X8 has achieved a cumulative installation of 4,300 units, reinforcing the company's leading position in high-end chemiluminescence [8]. - The company has successfully launched the SATLARS T8 automated laboratory line, with a total of 179 lines installed globally [8]. Group 6: Profitability Metrics - The overall gross margin was 68.64%, with instrument gross margin at 26.16%, reflecting a strategic differentiation in product offerings [9].