国内业务阶段性承压，海外持续较快增长 目标价：82 元 事项： 公司发布 25 年中报，25H1，营业收入 21.85 亿元（-1.18%），归母净利润 7.71 亿元（-14.62%），扣非净利润 7.26 亿元（-16.33%）。单 25Q2，营业收入 10.60 亿元（-10.88%），归母净利润 3.34 亿元（-30.06%），扣非净利润 3.09 亿元（- 34.00%）。 评论： 证 券 研 究 报 告 新产业（300832）2025 年中报点评 推荐（维持） [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 4,535 | 4,872 | 5,646 | 6,633 | | 同比增速(%) | 15.4% | 7.4% | 15.9% | 17.5% | | 归母净利润(百万) | 1,828 | 1,856 | 2,162 | 2,585 | | 同比增速(%) | 10.6% | 1.5% | 16.5% | 19.6 ...

Core Viewpoint - The company reported a decline in both revenue and net profit for the first half of 2025, indicating challenges in its financial performance and potential impacts from market conditions [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 2.185 billion, a year-on-year decrease of 1.18% - The net profit attributable to shareholders was 771 million, down 14.62% year-on-year - The net profit excluding non-recurring items was 726 million, a decline of 16.33% year-on-year - In Q2 2025, revenue was 1.060 billion, a decrease of 10.88% year-on-year - The net profit attributable to shareholders in Q2 was 334 million, down 30.06% year-on-year - The net profit excluding non-recurring items in Q2 was 309 million, a decline of 34.00% year-on-year [1][2]. Cost and Expense Analysis - The gross profit margin in Q2 2025 was 68.89%, a decrease of 2.67 percentage points year-on-year, primarily due to a decline in the gross margin of instrument products - The sales expense ratio was 19.82%, an increase of 5.14 percentage points year-on-year - The management expense ratio was 2.92%, an increase of 0.54 percentage points year-on-year [2]. Research and Development - The company increased its R&D investment, with R&D expenses in Q2 2025 amounting to 135 million, representing 12.76% of revenue - The company made progress in product registrations, obtaining several registration certificates for testing kits and a new flagship instrument model, MAGLUMI X10, which enhances testing efficiency [2]. Market Expansion - As of June 2025, the company served 1,835 tertiary hospitals in China, achieving a coverage rate of 47.60%, with a coverage rate of 63.51% for top-tier hospitals - In H1 2025, overseas revenue reached 952 million, a year-on-year increase of 19.57% - The company established operational systems in 14 core countries, driving regional business growth [3]. Profit Forecast and Valuation - The company revised its net profit forecasts for 2025-2027 to 1.876 billion, 2.206 billion, and 2.598 billion, reflecting decreases of 5.8%, 9.8%, and 11.4% respectively from previous estimates - The current price corresponds to a PE ratio of 24, 21, and 17 for 2025-2027 - The company is positioned as a leading player in the domestic chemiluminescence market and is expected to benefit from import substitution and overseas expansion [3].

2025 年 8 月 27 日 公司研究 25Q2 营收承压，海外业务快速增长 ——新产业（300832.SZ）2025 年半年报点评 要点 事件：公司发布 2025 年半年报度报告。2025 年上半年，公司实现营业收入 21.85 亿元，同比减少 1.18%；归母净利润 7.71 亿元，同比减少 14.62%；扣非归母 净利润 7.26 亿元，同比下降 16.33%。其中，2025 年 Q2 实现营收 10.60 亿元， 同比下降 10.88%；归母净利润 3.34 亿元，同比下降 30.06%；扣非归母净利润 3.09 亿元，同比下降 34.00%。 点评： 盈利预测、估值与评级：考虑到集采落地、检验拆套餐等可能对公司带来的持续 影响，我们下调公司 25-27 年的归母净利润预测为 18.76/22.06/25.98 亿元（原 预测值为 19.92 /24.45/29.32 亿元，分别下调 5.8%/9.8%/11.4%），现价对应 25-27 年 PE 为 24/21/17 倍。公司为国内化学发光头部公司，有望充分受益于 进口替代，同时看好公司的海外拓展，继续维持"买入"评级。 风险提示：主营业务单一风 ...