CITIC Construction Investment: Maintains "Buy" rating on CR MEDICAL, expects revenue growth in 25H2 to continue the trend of 25H1

CITIC Construction Investment maintains a "Buy" rating on CR MEDICAL, expecting revenues of 9 billion, 9.199 billion, and 9.404 billion yuan for 2025-2027, respectively. In the first half of 2025, revenue was 4.525 billion yuan, a year-on-year decrease of 9.1%; net profit was 374 million yuan, a year-on-year decrease of 26.9%. The company will distribute an interim dividend of 0.05 yuan per share, and it is expected that the revenue growth rate in the second half of the year will continue the trend of the first half. In the future, attention will be paid to the high-quality development plan for state-owned enterprises in healthcare to seize industry consolidation opportunities