2025-05-15-Jefferies-朝日英达科（7747）_向上修正和回购创造积极印象_10页_338kb

Asahi Intecc, a leading global manufacturer of high-quality medical guidewires, reported strong 3Q25 results, with upward revisions to full-year sales and operating profit (OP) guidance due to robust domestic and overseas demand, particularly in China, and improved gross profit margin (GPM) from heightened productivity. The company raised FY25 sales by ¥2.4bn (2%) and OP by ¥3.6bn (14.5%), attributing this to its Medical Division's global supply of guide wires, achieving overall 3Q sales growth of 15% and GPM improving to 68.3% from 65.6% in the same period. However, a significant impairment loss of ¥10.7bn, primarily from goodwill and intangible asset write-downs at acquired subsidiaries like Pathways and ANSUR, led to a 40% cut in net profit guidance. Despite this, the company announced a ¥15.5bn (2.6% of market cap) buyback, scheduled from May 16 to October 31, which, combined with revised estimates, supports a reiteration of a "Buy" rating and a ¥2,600 price target based on a 15x EV/EBITDA multiple. Upside catalysts include strong market share gains in the EU and US from new product developments, while risks involve China's economic slowdown, healthcare policies, reimbursement issues, and competition. The company's valuation outlook highlights exposure to tariffs beyond FY25, with a sensitivity analysis suggesting potential share price ranges from ¥1,700 to ¥3,000 based on different multiples. Overall, Asahi Intecc benefits from widening access to minimally invasive surgeries in developing economies, but faces challenges in sustainability and pricing access for high-end devices. Financial metrics show steady revenue growth and improving profitability, but impairment risks could impact long-term stability.