投资建议：公司核心产品Fibroscan 在北美市场持续发力，见微知著，预计未来随着MASH 新药在全球 范围内加速推广，Fibroscan 有望在全球其他区域也实现从1 到N 的突破，助力公司器械业务收入持续攀 高。我们预计公司2025-2027 年实现营业收入17.27、24.57、36.29 亿元，实现归母净利润1.88、2.90、 4.62 亿元，同比+65.8%、+54.4%、+59.4%；对应EPS 为0.71、1.09、1.74 元；对应PE 为95.9X、 62.1X、39.0X，维持"买入"评级。 风险提示：汇兑损失风险；宏观政策风险；设备投放不及预期风险；药物销量不及预期风险 剔除股权激励及汇兑损益影响后，公司25H1 净利润同比增长约20.99%。 2025 年上半年，公司整体实现营业收入7.13 亿元，较上年同期增长11.02%；整体实现净利润0.78 亿 元，较上年同期减少30.24%；实现归属母公司所有者的净利润0.52 亿元，较上年同期减少31.09%。净 利润减少系股权激励费用增长及汇兑损益所致，25H1 公司股权激励计提股份支付费用为1,244.05万元， 去年同期计提的股份 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][17]. Core Insights - The company is experiencing a significant increase in demand from North American customers, particularly in its medical device segment, which is expected to drive revenue growth [3][9]. - The core product, Fibroscan, is anticipated to see continued growth as the MASH new drug accelerates its global promotion, leading to a breakthrough in other regions [9]. - The company is projected to achieve revenues of 1.727 billion, 2.457 billion, and 3.629 billion yuan from 2025 to 2027, with corresponding net profits of 188 million, 290 million, and 462 million yuan, reflecting year-on-year growth rates of 65.8%, 54.4%, and 59.4% respectively [9]. Financial Performance Summary - For 2023, the company expects revenue of 1.154 billion yuan, with a year-on-year growth rate of 14.4%. By 2027, revenue is projected to reach 3.629 billion yuan, with a growth rate of 47.7% [1]. - The net profit attributable to the parent company is forecasted to grow from 102 million yuan in 2023 to 462 million yuan in 2027, with a significant increase in the growth rate from 3.8% in 2023 to 59.4% in 2027 [1]. - The company's return on equity (ROE) is expected to improve from 9.6% in 2023 to 21.1% in 2027, indicating enhanced profitability [1]. Business Segment Performance - The medical device segment reported a revenue of 482 million yuan in the first half of 2025, marking a year-on-year increase of 13.8%. This growth is attributed to increased sales and management investments, as well as the approval of the MASH new drug [3]. - The pharmaceutical and medical services segment achieved a revenue of 231 million yuan in the first half of 2025, with a growth rate of approximately 5.62%. The e-commerce channel for proprietary drugs saw a remarkable increase of 59.23% [4].

NASH 新药上市带来 Fibrsocan 需求爆发，预计持续时间 5 年以上｡ 全球有 NASH (MASH) 患者 3~4 亿，诺和诺 德､礼来､默沙东､辉瑞､BI 等多家医药巨头均在布局 NASH 新药｡2025~2030 年有多个 NASH 新药上市，而这些新药 进行推广的前提是把患者找出来 (NASH 无症状)， 这就需要大量使用 Fibroscan (福瑞控股子公司 EchoSens 的核心 产品)，Fibroscan 是 NASH 的流量入口。在治疗的患者需要进行评估疗效 (例如 3 个月一次)， 也需要大量用到 Fibroscan。预计未来 3~5 年，欧美在治疗的 NASH 患者达千万量级，大规模筛查加疗效评估带来的检测需求可能上 亿人次每年｡如果都是按次收费，单次平均 40 欧元，则 EchoSens 未来收入可达 40 亿欧元，净利润 16 亿欧元｡保守 预测，只有一半是按次收费，净利润也达 8 亿欧元，归母 4 亿欧元 (仅欧美市场)｡ 今年三季度迎来 NASH 产业巨大拐点｡ 诺和诺德一季报显示，已在今年一季度提交司美格鲁肽 NASH 适应症上市申 请，并获得美国优先审批资格，将在今 ...