招银国际：南微医学（688029）-Overseasstrengthoffsetsdomesticpressure;eyesonupcomingnationalVBP

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2026-08-28

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招银国际：南微医学（688029）-Overseasstrengthoffsetsdomesticpressure;eyesonupcomingnationalVBP.pdf

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南微医学(688029) In1H26,Micro-TechreportedrevenueofRMB1,728mn,up10.4%YoY.Attributablenetprofitdecreased16.5%YoYtoRMB303mnmainlyduetoRMB83mnofFXlosses.ExcludingFXlossesandrelatedtaxeffects,adjustedattributablenetprofitrose16.4%YoY.Giventheupcoming7thnationalVBP,wecutour2026E/27Eearningsestimatesby12%/7%,respectively.However,withoverseasrevenueaccountingforover60%oftotalsales,webelievestrongoverseasgrowthshouldhelpoffsetnear-termdomesticheadwindsandsupportresilientrevenuegrowththrough2026-27E.Notably,

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