Core Viewpoint - The report from CICC maintains the EPS forecast for Aikang Medical (01789) at 0.30 CNY for 2025 and 0.36 CNY for 2026, with a target price of 7.11 HKD, indicating a potential upside of 26.73% from the latest closing price [1] Group 1: Financial Performance - In 1H25, Aikang Medical reported revenue of 694 million CNY, a year-on-year increase of 5.7%, and a net profit attributable to shareholders of 161 million CNY, up 15.3%, with diluted EPS of 0.14 CNY, aligning with CICC's expectations [1] - The company's hip joint business generated revenue of 410 million CNY, a 14% increase year-on-year, while knee joint business revenue was approximately 194 million CNY, a slight decline of 0.7% due to price adjustments and returns [2] - The gross profit margin for 1H25 was 59.1%, down 1.5% year-on-year, primarily due to a decrease in the revenue share from spinal products [4] Group 2: Growth Drivers - The company anticipates accelerated growth in overseas sales in the second half of 2025, with overseas revenue reaching 128 million CNY in 1H25, and an estimated actual growth rate of about 7% after adjustments [2] - Aikang Medical is responding to favorable policies by initiating a digital transformation, with seven products entering the innovation channel and five digital orthopedic training centers established [3] - The net profit margin increased to 23.1%, up 1.9 percentage points year-on-year, supported by revenue growth and cost control measures [4] Group 3: Market Position and Strategy - The company maintains its industry-leading position, with strong performance in Southeast Asia and Central Asia, where revenues grew approximately 60% and 30%, respectively [2] - Aikang Medical plans to build a comprehensive ecosystem covering pre-operative (AI surgical planning), intra-operative (robotics/navigation), and post-operative (patient management) phases to drive growth in orthopedic smart assistive device installations [3]

Core Viewpoint - Company maintains a positive outlook with projected EPS of 0.30 CNY for 2025 and 0.36 CNY for 2026, indicating a P/E ratio of 17.2x and 14.3x respectively for those years, with a target price of 7.11 HKD, suggesting a potential upside of 26.73% from the latest closing price [1] Group 1: Financial Performance - In the first half of 2025, the company's revenue reached 694 million CNY, reflecting a year-on-year growth of 5.7%, while net profit attributable to shareholders was 161 million CNY, up 15.3%, corresponding to a diluted EPS of 0.14 CNY, aligning with expectations [1] - The hip joint business generated 410 million CNY in revenue, marking a 14% increase year-on-year, while knee joint business revenue was approximately 194 million CNY, showing a slight decline of about 0.7% due to price adjustments and returns [2] - Gross margin stood at 59.1%, down 1.5% year-on-year, primarily due to a decrease in the revenue share from spinal products, while net profit margin improved to 23.1%, up 1.9 percentage points year-on-year [4] Group 2: Market and Sales Dynamics - The company estimates that overseas sales revenue reached 128 million CNY, with an actual growth rate of about 7% after adjustments, particularly strong performance noted in Southeast Asia and Central Asia with revenue growth of approximately 60% and 30% respectively [2] - The company is responding to favorable policies by initiating a digital transformation, with seven products entering the innovation channel and five digital orthopedic training centers established, aiming to create a comprehensive ecosystem for orthopedic smart-assisted devices [3] Group 3: Cost Management - The company achieved net profit growth through effective cost control, with stable sales, management, and R&D expense ratios at 16.9%, 11.1%, and 9.6% respectively, showing minor fluctuations [4]

机构：中金公司 研究员：张一弛/李千翊/张琎 盈利预测与估值 维持25 年EPS 预测0.30 元，26 年EPS 预测0.36 元。现价对应25-26 年17.2/14.3x P/E。维持"跑赢行业"评 级，维持目标价7.11 港元，对应25-26 年22.1/18.3x P/E，较最新收盘价有26.73%的上升空间。 风险 集采结果不及预期；新产品上市进度不及预期；汇率波动；突发医疗事件。 发展趋势 1H25 主营业务保持增长，海外销售增长下半年有望提速。1H25 公司业绩小幅增长，保持行业领先地 位：髋关节业务营业收入达4.1 亿元，同比增长14%，维持了去年下半年的较高增速；膝关节业务营业 收入约1.94 亿元，同比下降约0.7%，主要原因系单髁产品价格调整和退换货。公司海外销售收入1.28 亿元，公司估计调整境内交货但最终用于海外部分后实际增速达到约7%，东南亚、中亚地区表现亮眼 （分别收入增长约60%和30%），考虑跨境支付延迟因素，2H25 海外部分营业收入有望进一步增长。 政策端持续利好，数字骨科计划全面启动。1H25 医保局连续五次召开专题座谈会支持创新药械。国家 药监局优化高端医疗器械生命 ...