招银国际：南微医学（688029）-Robustoverseasmomentumanddomestic

南微医学(688029) Asolid2025;1Q26revenueslightlyaheadofexpectations.In2025,MicroTechreportedrevenueofRMB3.2bn(+15.5%YoY)andattributablenetprofitofRMB570mn(+3.1%YoY).Its1Q26revenuegrew22.1%YoYtoRMB854mn,slightlybeatingourexpectationsandaccountedfor24%ofourfull-yearforecast(vs.thehistoricalaverageof21%).Attributablenetprofitdeclined9.0%YoYtoRMB146mnprimarilydraggedbyFXlosses.Giventhestronggrowthofoverseasbusinessandpotentialrecoveryofdomesticbusiness,weraiseour2026full-yearrevenuegrowthestimatesfrom11.