南微医学(688029) Micro-Tech reported 9M26 revenue of RMB2.5bn (+5.7% YoY), accounting for72% of our previous FY26 forecast, modestly below the historical average of74%. Attributable net profit declined 18.3% YoY to RMB416mn on FX losses.Excluding RMB105mn of FX losses and related tax effects, 9M26 attributablenet profit would have increased 4.8% YoY to RMB503mn. For 3Q26, revenuedeclined 3.3% YoY to RMB788mn as the domestic business was under VBPpressure, while overseas sales maintained rapid growth. 3Q26 gross marginwas 62.5%, down 1.4ppt YoY, as overseas mix improvement was offset by FXand domestic price pressure. Looking ahead, we expect continued overseaspenetration and innovation should remain the main growth drivers. We believethe national VBP should largely clear domestic pricing risk over the next severalyears and the domestic business will bottom out in 2027E and return to growthin 2028E. Overseas growth remains robust. 3Q26 overseas revenue increased over20% YoY to ~RMB590mn, or approximately 25% in constant currency,accounting for ~75% of total sales. Revenue from Americas increased 35%YoY in 3Q26, supported by expanding product coverage, and strongerchannel reach following the acquisition of three Conmed product lines.Revenue from Europe rose a solid 16% YoY, led by Italy and Spain, whileAPAC was held back by yen weakness. Innovative products also remainedstrong overseas, with overseas revenue from innovative products in 3Q26up 38% YoY. Domestic business is expected to bottom out as 7th national VBPcompleted. 3Q26 domestic revenue fell 38.4% YoY to ~RMB200mn, mainlydue to channel de-stocking ahead of VBP implementation. We believe thechannel inventory has now been largely cleared. Importantly, the Companywon broadly in the 7th national VBP, in 21 categories in total, which shouldsupport further share consolidation. While near-term revenue and marginpressure is unavoidable, we think the national VBP materially reduced thedomestic policy overhang. In our view, domestic business may bottom outin 2027E as VBP-driven volume growth is expected to largely offset the ASPdecline. Form 2028E, innovative products should become a main driver tosupport domestic business to return to solid growth. Maintain BUY. We cut FY27-28E attributable net profit toRMB600mn/RMB733mn to reflect the GPM pressure due to VBP. However,we roll forward our DCF valuation basis from FY26E-35E to FY27E-35E asmarket focus increasingly shifts to FY27E. WACC and terminal growthassumptions are unchanged. Therefore, we derive our TP of RMB93.52based on a 9-year DCF model. Risks: lower-than-expected volume growthfollowing VBP implementation, overseas expansion deceleration, FXvolatility.

     南微医学(688029) 业绩简评 2026 年 10 月 29 日，公司发布 2026 年三季度报告，2026 前三季度实现收入 25.16 亿元，同比+5.69%；归母净利润 4.16 亿元，同比-18.30%；扣非归母净利润 4.07 亿元，同比-19.81%。 从单 Q3 情况来看，公司实现收入 7.88 亿元，同比-3.34%；归母净利润 1.13 亿元，同比-22.79%；扣非归母净利润 1.10 亿元，同比-23.54%。 经营分析 汇兑损失影响利润，营销投入增加。前三季度受人民币升值影响，外币资产敞口折算形成汇兑损失 1.05 亿元，对公司利润造成阶段性负面影响。剔除该汇兑损失及相应所得税影响后，2026 年前三季度归母净利润为 5.03 亿元，同比+4.80%。单季度公司毛利率62.49%，同比-1.40pct；销售费用率达到 24.40%，同比+2.10pct，用于产品推广及品牌建设的营销投入增加。 国家集采全线中标，国内龙头地位进一步稳固。9 月 10 日第七批国家组织消化介入类医用耗材集中带量采购开标结果公示。公司消化介入系列产品全线中选，其中 20 类产品 A 组拟中选(18 类产品 A 组规则一中选)，1 类产品 B 组拟中选，集采实施后将进一步巩固和扩大公司在消化内镜领域的行业龙头地位。 创新产品发力，打造差异化竞争优势。公司创新产品销售占比持续提升，上半年已占总收入 10%，同比增幅超 40%。其中，一次性内镜步入良性发展轨道，海外销售表现突出，美洲市场实现同比60%增长，欧洲区域同比增幅超 50%。叠加用于治疗消化道瘘口的真空引流支架、三臂夹、冷圈套器（镍钛）等多款新品陆续上量，丰富的创新产品矩阵多点发力，有力强化了公司差异化竞争优势。 盈利预测、估值与评级 预计公司 2026-2028 年归母净利润分别为 5.48、6.73、8.13 亿元，同比-4%、+23%、+21%，现价对应 PE 为 28、22、19 倍，维持“买入”评级。 风险提示 医保控费政策及产品降价风险；在研项目推进不达预期风险；产品推广不达预期风险；汇兑风险

     南微医学(688029) 核心观点 海外业务驱动收入稳健增长，利润端阶段性承压。2026H1公司实现营收17.28亿元（+10.39%），归母净利润3.03亿元（-16.50%），扣非归母净利润2.97亿元（-18.33%），26Q2单季营收8.74亿元（+0.92%），归母净利润1.57亿元（-22.47%），扣非归母净利润1.54亿元（-24.01%）。2026上半年收入增长主要来自海外市场收入增长，利润端受人民币升值导致的汇兑损失影响有所承压，剔除汇兑损失及所得税影响后归母净利润3.73亿元，同比增长16.41%。 毛利率基本稳定，汇兑损失阶段性影响费用率。2026H1公司毛利率为64.85%（-0.04pp）。费用端，销售费用率21.14%（-0.42pp），管理费用率11.90%（-0.79pp），研发费用率5.69%（+0.05pp），财务费用率3.36%（+8.34pp），四费率42.09%（+7.18pp）。财务费用率提升主要受人民币升值导致的汇兑损失影响；受财务费用率提升影响，公司归母净利率17.56%（-5.65pp）。 创新产品持续放量，海外市场布局不断深化。公司持续推进创新产品及全球化布局，2026H1创新产品收入占总收入10%，同比增幅超过40%；一次性内镜海外销售表现突出，美洲市场同比增长60%，欧洲区域同比增长50%以上，真空引流支架、三臂夹、冷圈套器等多款新品陆续放量。公司持续推进全球市场拓展及本地化渠道布局，完成美国CONMED三条产品线收购交割，海外业务增长空间进一步打开。 投资建议：考虑2026年消化介入耗材国采的影响，下调盈利预测，2026-2028年营收35.0/39.4/44.8亿元（原为37.0/41.5/46.3亿元），同比增速10%/12%/14%，归母净利润6.0/7.1/9.1亿元（原为6.7/7.8/9.4亿元），同比增速5%/18%/27%，当前股价对应PE=24/20/16x，维持“优于大市”评级。 风险提示：研发失败风险；汇率波动风险；新品放量不及预期风险。

     南微医学(688029) In 1H26, Micro-Tech reported revenue of RMB1,728mn, up 10.4% YoY. Attributablenet profit decreased 16.5% YoY to RMB303mn mainly due to RMB83mn of FXlosses. Excluding FX losses and related tax effects, adjusted attributable net profitrose 16.4% YoY. Given the upcoming 7th national VBP, we cut our 2026E/27Eearnings estimates by 12%/7%, respectively. However, with overseas revenueaccounting for over 60% of total sales, we believe strong overseas growth shouldhelp offset near-term domestic headwinds and support resilient revenue growththrough 2026-27E. Notably, following the 7th National VBP, most of the Company'smajor products will have completed nationwide VBP, which we believe shouldlargely clear domestic pricing risk over the next several years. Overseas business remains the key growth engine. 1H26 overseas revenueincreased 20.6% YoY to RMB1,094mn, raising its revenue contribution to 63%.Growth was broad-based across APAC, EMEA and the US, with each regiongrowing by more than 20% YoY. Direct sales coverage continued to expandthrough both organic buildout and M&A, reaching 36.7% of total revenue(+4.7ppts YoY). This helped drive overseas gross margin up 1.1ppts YoY to66.2%. In the US, hospital accounts continue to ramp and represented about40% of total US revenue in 1H26. With the acquisition of three product linesfrom CONMED, we expect better access to hospital and GPO channels in theUS, which may drive rapid US growth and improved profitability. Domestic business faces near-term VBP-related pressures. Domesticrevenue fell 3.6% YoY to RMB634mn in 1H26. Within this, we estimate domestictumor intervention revenue decreased ~40% YoY due to delays in VBPimplementation for tumor ablation consumables. GI revenue grew a modest2.3% YoY to RMB556mn, reflecting proactive channel destocking after theadvance VBP notice in June. We expect the national VBP to be implemented inearly 2027E, suggesting domestic growth pressure could persist through 2H26Eand into 2027E. Eyes on tender outcomes of the 7th National VBP in Sep 10, 2026. The 7thNational VBP, officially announced on Aug 26, covers 23 GI interventioncategories. Micro-Tech obtained demand volume in 21 categories, ranking No.1in twelve and No.2 in five. Dominant volume shares in hemostasis clips (49%)and cholangioscopes (62%) highlighted its strong market leadership. In ourview, while domestic revenue and margin will come under short-term pressure,past VBP cycles suggest leading players typically gain market share. And weexpect the innovative products such as cholangioscopes, and ERCP productsthat used to be dominated by MNCs to see faster post-VBP penetration. Maintain BUY. We lower our 2026E-27E earnings forecasts to reflect upcomingVBP pressure. Accordingly, we lower our TP to RMB90.60 based on a 10-yearDCF model (WACC: 10.7%, terminal growth rate: 2.0%). Risks: deeper VBPprice erosion, overseas growth underperformance.

     南微医学(688029) 业绩简评 2026年8月26日，公司发布2026年半年度报告，2026上半年实现收入17.28亿元，同比+10.39%；归母净利润3.03亿元，同比-16.50%；扣非归母净利润2.97亿元，同比-18.33%。从单Q2来看，公司实现收入8.74亿元，同比+0.92%；归母净利润1.57亿元，同比-22.47%；扣非归母净利润1.54亿元，同比-24.01%。 经营分析 汇兑损失影响利润，主营业务稳健增长。受人民币升值的外部环境影响，外币资产敞口折算产生汇兑损失0.83亿元。剔除汇兑损失及所得税影响，2026年上半年归母净利润为3.73亿元，比上年同期增长16.41%，主业经营利润实现稳健增长。 海外市场成为增长重心，收入占比持续提升。分产品来看，上半年公司主营业务中，内镜耗材类产品收入14.04亿元，同比+15%；肿瘤介入类产品收入0.84亿元，同比-26%；可视化类产品收入0.20亿元，同比+31%。从地区情况来看，上半年公司国内营收6.34亿元，海外营收10.94亿元，公司海外营收占比已提升至63%。其中，母公司亚太区域营收7.21亿元，同比+7.20%（其中，国内营收5.56亿元，同比+2.25%；亚太海外营收1.64亿元，同比+28.18%）；美洲区域营收3.92亿元，同比+15.07%；欧洲、中东及非洲区域（EMEA区域，含CME）营收5.06亿元，同比+21.88%；子公司康友医疗营收1.06亿元，同比-20.39%。 创新产品发力，打造差异化竞争优势。公司创新产品销售占比持续提升，上半年已占总收入10%，同比增幅超40%。其中，一次性内镜步入良性发展轨道，海外销售表现突出，美洲市场实现同比60%增长，欧洲区域同比增幅超50%。叠加用于治疗消化道瘘口的真空引流支架、三臂夹、冷圈套器（镍钛）等多款新品陆续上量，丰富的创新产品矩阵多点发力，有力强化了公司差异化竞争优势。 盈利预测、估值与评级 预计公司2026-2028年归母净利润分别为6.01、7.19、8.63亿元，同比+5%、+20%、+20%，现价对应PE为24、20、17倍，维持“买入”评级。 风险提示 医保控费政策及产品降价风险；在研项目推进不达预期风险；产品推广不达预期风险；汇兑风险。