公司发布25 年中报，25H1 营收2.66 亿元（+20.50%），归母净利润0.74 亿元（+5.52%），扣非归母净 利润0.72 亿元（+12.07%）。单25Q2，营收1.19 亿元（+15.52%），归母净利润0.28 亿元（-13.55%）， 扣非归母净利润0.26 亿元（-7.07%）。 事项： 评论： 海外需求强劲复苏，业绩重回增长通道。25H1 收入增长主要得益于海外大客户完成去库存，需求增长 明显，以及国内医用光学产品销售增长较快。分业务看，医用内窥镜器械收入达2.07 亿元，同比增长 17.72%，占主营业务收入的78.28%；光学产品收入0.57 亿元，同比增长34.62%，占主营业务收入的 21.72%。 分地区看，海外市场成为增长主动力，收入同比增长约28.6%；国内市场收入保持平稳增长。利润增速 低于收入增速主要系公司在研发、国内市场营销网络及海外建厂等方面投入增加，同时受汇兑收益及理 财收益减少等因素影响。 全球化产能布局成效显著，有效对冲贸易风险。面对复杂的国际贸易环境，公司前瞻性的全球化布局优 势凸显。25H1 公司泰国工厂已建成内窥镜和光源模组生产线，大部分销往美国的产 ...

Core Viewpoint - The company reported a strong performance in H1 2025, with significant revenue growth driven by recovery in inventory levels and expansion in domestic and international markets [1][2]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 266 million yuan, a year-on-year increase of 20.50%, and a net profit attributable to shareholders of 74 million yuan, up 5.52% year-on-year [1]. - In Q2 2025, the company recorded revenue of 119 million yuan, reflecting a year-on-year growth of 15.52%, but net profit decreased by 13.55% to 28 million yuan [1]. - The gross margin improved to 65.84%, an increase of 1.75 percentage points, while the net profit margin decreased to 27.31%, down 4.35 percentage points [1]. Group 2: Operational Adjustments - The company has established production lines in Thailand for endoscopes and light source modules, significantly reducing tariff impacts on products sold to the U.S. market [2]. - A second phase of production line construction in Thailand is underway, including assembly and GMP production workshops, to support the expansion of disposable consumables and outpatient products [2]. - The company is collaborating with a major U.S. client on the next-generation endoscope system and has formed a joint venture with a German surgical instrument company to develop minimally invasive surgical instruments [2]. Group 3: Research and Development - In H1 2025, the company invested 33 million yuan in R&D, accounting for 12.5% of revenue, and expanded its product matrix with new gynecological instruments and AI-related projects to enhance endoscopic image quality [3]. - The company has submitted registration for head and neck surgical instruments and is in trial production for bladder and pediatric laparoscopes [3]. - Revenue forecasts for 2025-2027 are projected at 552 million, 676 million, and 812 million yuan, with corresponding net profits of 187 million, 234 million, and 283 million yuan, indicating strong growth potential [3].

Core Viewpoint - The company is committed to enhancing quality and efficiency while returning value to investors, aligning with national policies and market demands to drive high-quality development and protect investor rights [1]. Group 1: Strategic Focus and Business Development - The company focuses on the development of medical endoscopes and optical products, emphasizing innovation in optical technology and digital imaging [1]. - In 2024, the company expanded its endoscope product line, obtaining registration certificates for various endoscopes, including thoracic and abdominal endoscopes, hysteroscopes, and bladder endoscopes [1]. - The company has established a remote interactive platform for surgical diagnosis and treatment, integrating automatic microscopic scanning and endoscopic systems [2]. Group 2: Innovation and R&D - The company applied for 42 new patents and received 32 new authorized patents, including 12 invention patents, which account for 37.50% of the newly authorized patents [3]. - The company collaborates with external institutions for innovation, establishing a clinical anatomy training center with a medical college to enhance clinical, research, and educational activities [3]. Group 3: Investor Protection Measures - The company has implemented a stable dividend policy, distributing cash dividends to shareholders for five consecutive years, with a proposed cash dividend of 0.60 yuan per share for 2024 [4][5]. - The company has initiated a share repurchase plan, with a total of 1,387,000 shares repurchased, representing 0.6110% of the total share capital [5][6]. - The company emphasizes high-quality information disclosure and investor communication, ensuring transparency and responsiveness to investor inquiries [6][7]. Group 4: Corporate Governance - The company has established a governance structure that includes a shareholders' meeting, board of directors, supervisory board, and independent directors, ensuring clear responsibilities and coordination [8]. - The company plans to optimize its governance structure in 2025, including revising its articles of association and adjusting internal supervisory mechanisms [8].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, but showed signs of recovery in Q4 2024 and Q1 2025, with a positive outlook for future earnings growth driven by inventory reduction among overseas clients and new product launches [1][2][4]. Financial Performance - For the full year 2024, the company achieved revenue of 443 million yuan (down 5.90%) and a net profit attributable to shareholders of 135 million yuan (down 7.11%) [1] - In Q4 2024, revenue was 124 million yuan (up 31.59%) and net profit attributable to shareholders was 38 million yuan (up 37.92%) [1] - For Q1 2025, revenue reached 147 million yuan (up 24.86%) and net profit attributable to shareholders was 47 million yuan (up 21.45%) [1] Product and Market Development - The company’s medical endoscope business generated revenue of 345 million yuan in 2024 (down 7.04%), while optical revenue was 95 million yuan (down 1.80%) [2] - International revenue for 2024 was 306 million yuan (down 6.5%), and domestic revenue was 135 million yuan (down 4.70%) [2] - The company has successfully launched a full range of laparoscopes and various endoscope products in the domestic market, and new products for the U.S. market are set to enter mass production [3] Future Outlook - The company expects net profits attributable to shareholders for 2025-2027 to be 180 million, 230 million, and 280 million yuan, representing year-on-year growth of 34.8%, 25.4%, and 23.1% respectively [4] - The estimated EPS for the same period is projected to be 1.51, 1.90, and 2.34 yuan, with corresponding PE ratios of 23, 19, and 15 times [4] - A target price of approximately 42 yuan is set for 2025, based on a valuation of 28 times [4]

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 42 yuan [2][9]. Core Views - The company reported a revenue of 443 million yuan for 2024, a decrease of 5.90% year-on-year, and a net profit attributable to shareholders of 135 million yuan, down 7.11% [2][4]. - In Q4 2024, the company experienced a revenue increase of 31.59% to 124 million yuan and a net profit increase of 37.92% to 38 million yuan, indicating a potential upward turning point in performance [2][4]. - The company plans to distribute a cash dividend of 0.6 yuan per share (before tax) to all shareholders [2]. Financial Summary - Total revenue is projected to grow from 443 million yuan in 2024 to 828 million yuan by 2027, with a compound annual growth rate (CAGR) of 21.3% [4]. - Net profit is expected to increase from 136 million yuan in 2024 to 281 million yuan in 2027, reflecting a CAGR of 23.1% [4]. - Earnings per share (EPS) are forecasted to rise from 1.12 yuan in 2024 to 2.34 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 31 to 15 [4][9]. Business Performance Insights - The company's medical endoscope business generated 345 million yuan in revenue for 2024, down 7.04%, while optical revenue was 95 million yuan, down 1.80% [9]. - International revenue for 2024 was 306 million yuan, a decrease of 6.5%, while domestic revenue was 135 million yuan, down 4.70% [9]. - The company has a backlog of 360 million yuan in orders from major clients as of the end of 2024, indicating strong future demand [9]. Product Development and Market Expansion - The company has successfully completed certifications for its overseas subsidiaries, reducing trade friction risks and enabling smoother order fulfillment in the U.S. market [9]. - New product registrations for various endoscope products targeting domestic markets have been completed, and new models for the U.S. market are set to enter mass production [9].