Meyer Optoelectronic(Meyer)reported 1H26 revenue of RMB1.1bn(+4.20%YoY),attributable NP of RMB315mn(+4.03%YoY),and ex-nonrecurring NP of RMB293mn(-0.68%YoY).In 2Q26,revenue reached RMB663mn(+5.26%YoY,+64.96%QoQ),while attributable NP came in at RMB199mn(+2.41%YoY,+71.58%QoQ).The color sorter business maintained steady growth and served as the key earnings anchor,while exports of dental CBCT equipment began to ramp up.We remain positive on the company’s resilient operations and attractive dividend profile.Maintain OVERWEIGHT.
Steady color sorter growth,strong medical equipment exports
Color sorter/medical equipment revenue reached RMB781mn/RMB194mn in 1H26,representing+5.22%/-5.12%YoY.Gross margins were 54.53%/51.53%,up 2.66pp/3.08pp YoY.The color sorter business continued to deliver steady high-quality growth.Although demand for medical equipment weakened amid asofter operating environment,the company responded by adjusting its product mix and optimizing sales policies,supporting arecovery in segment gross margin.Export revenue increased 11.49%YoY to RMB258mn in 1H26.Medical equipment export revenue more than doubled YoY to RMB31mn and accounted for over 15%of medical equipment revenue.
Profitability improves with FX-adjusted net profit growing 16%
Gross margin increased by 2.36pp YoY to 54.49%in 1H26,with improvement in both color sorters and medical equipment.Net margin declined slightly by 0.05pp YoY to 29.56%,mainly due to FX losses.The selling/R&D/administrative/financial expense ratios changed by-0.47pp/-0.52pp/+0.19pp/+4.4pp YoY.The company recorded an FX loss of nearly RMB40mn in 1H26,versus an FX gain of RMB2mn in 1H25.Excluding this swing,we estimate that 1H26 net profit would have increased by approximately 16%YoY.
Product upgrades sustain;high payout anchors shldr returns
In color sorting,the company is deeply integrating advanced technologies including AI,foundational models,IoT,and big data.It continues to upgrade its next-generation agentic color sorters,which feature intelligent sensing,decision-making,and autonomous evolution.In 1H26,Meyer launched the industry’s first fruit-and-vegetable sorting agent,along with ahigh-end granular-material sorting agent,a tea impurity-removal agent,and portfolios of sorting agents for nuts and dried fruit and for spices.These launches further rounded out its intelligent sorting product portfolio.The company also continued to optimize its full-stack digital and intelligent solutions built on industrial IoT,enabling intelligent production-line coordination,lower material losses,and higher efficiency.Cumulative cash dividends over the past three years reached RMB1.9bn,equivalent to 262.84%of average annual net profit over the same three financial years,allowing shareholders to share in the company’s growth.
Earnings forecast and valuation
We maintain our attributable NP forecasts of RMB796mn/RMB868mn/RMB931mn for 2026-2028E(2026-2028E CAGR:8.97%).Comparable companies are trading at around 34x 2026E PE based on consensus estimates.Given the company’s weaker growth profile relative to peers(average 2025-2027E CAGR of 23%for peers versus 9%for the company),we apply 25x 2026E PE and maintain our target price of RMB22.50(based on 25x 2026E PE).Maintain OVERWEIGHT.
Risks:1)greater-than-expected intensification of competition in the CBCT industry,2)slower-than-expected recovery in demand for dental diagnosis and treatment,3)exchange-rate volatility.

　　事件：公司发布2026年半年报，26H1实现营业收入10.66亿元，yoy+4.20%；归母净利润3.15亿元，同比+4.03%，26H1毛利率54.49%，同比+2.36pct；Q2实现营收6.63亿元，yoy+5.26%，归母净利润1.99亿元，yoy+2.41%，业绩符合市场预期。
　　色选机业务迎来需求复苏，Q2单季收入同比转正。色选机：26H1收入7.81亿元，同比增长5.22%，毛利率54.53%，同比提升2.66个百分点，公司同时国内市占率稳步提升，色选机业务稳健增长。医疗设备：26H1收入1.94亿元，同比下滑5.12%，毛利率为51.53%，同比提升3.08个百分点，盈利能力开始修复。X射线工业检测机：26H1收入0.70亿，同比增长30.87%，公司优化现有产品系列，聚焦包装食品、工业轮胎等领域。
　　色选机：公司通过深度融合AI、大模型、物联网及大数据等技术，推出新一代智能体色选机产品。2026年上半年，公司相继推出行业首款果蔬分选智能体、高端粒子分选智能体、茶叶除杂智能体、坚果果干分选智能体矩阵、香辛料分选智能体矩阵等产品，不断完善公司在智能色选领域产品矩阵，同时公司还持续优化基于工业物联技术的全栈式数智化解决方案，实现产线智能协同与减损增效。
　　高端医疗影像设备：目前主要包括口腔CBCT、口内扫描仪、耳鼻部CT、移动CT、骨科手术导航定位设备等。今年公司首次推出3D显微智能体，形成了数据采集、临床诊断、手术操作、经营管理的一体化闭环；成功发布的“启航”新一代口腔影像智能体，形成“旗舰影擎+普惠启航”产品双布局，进一步推动口腔行业数智化的发展；此外，公司还推出了自研智能C形臂，构建了“高精度数据采集—智能手术导航—多场景精准执行”的全流程闭环，推动了骨科手术进入全可视化时代。
　　盈利预测与估值。由于医疗业务需求承压，我们下调26年盈利预测，新增27-28年盈利预测，我们预计26-28年业绩分别为8.17、9.17、10.32亿元（前期26年为9.52亿元），对应PE分别为17、15、14X。依据Wind一致预测，26年公司可比公司鱼跃医疗、理邦仪器PE均值18X，公司PE水平较可比公司平均PE低；考虑到公司移动式头部CT和骨科手术导航设备等新产品放量，所以维持增持评级。
　　风险提示：国内色选机市场竞争加剧的风险；公司医疗产品推广较慢的风险等。

　　美亚光电发布半年报，2026年H1实现营收10.66亿元（yoy+4.20%），归母净利3.15亿元（yoy+4.03%），扣非净利2.93亿元（yoy-0.68%）。其中Q2实现营收6.63亿元（yoy+5.26%，qoq+64.96%），归母净利1.99亿元（yoy+2.41%，qoq+71.58%）。年内公司色选机业务稳健增长，成为业绩压舱石，口腔医疗CBCT出口开启放量，看好公司的稳健经营和红利属性，维持“增持”评级。
　　色选机稳健增长，医疗出口表现亮眼
　　26H1公司色选机、医疗设备业务收入分别为7.81亿元/1.94亿元，同比+5.22%/-5.12%，毛利率分别为54.53%/51.53%，同比+2.66pct/+3.08pct，色选机业务继续保持高质量稳健发展，医疗相关业务景气度受大环境影响有所下降，但公司积极应对，调整产品结构、优化销售政策，业务毛利率有所回升。上半年出口收入2.58亿元，同比增长11.49%，其中医疗设备出口收入0.31亿元，同比增长超100％，占比达到医疗设备收入的15%以上。
　　26H1盈利能力提升，扣汇净利润增速约16%
　　上半年毛利率为54.49%，同比增加2.36pct，色选机和医疗设备毛利率均有提升。净利率29.56%，同比-0.05pct，净利率下降主要受汇兑损失拖累。上半年销售/研发/管理/财务费用率分别同比-0.47pct/-0.52pct/+0.19pct/+4.4pct，其中26H1汇兑损失接近4kw，去年同期收益200w，剔除该影响后上半年利润增速约16%。
　　色选机产品不断迭代，高分红保障投资者回报
　　在色选领域，公司深度融合AI、大模型、物联网及大数据等前沿技术，持续不断地迭代具备智能感知、智慧决策和自主进化能力的新一代智能体色选机产品。2026年上半年，公司相继推出了行业首款果蔬分选智能体、高端粒子分选智能体、茶叶除杂智能体、坚果果干分选智能体矩阵、香辛料分选智能体矩阵等产品，不断完善公司在智能色选领域的拼图，同时公司还持续优化基于工业物联技术的全栈式数智化解决方案，实现产线智能协同与减损增效。公司近三年累计现金分红金额达18.51亿元，占最近三个会计年度平均净利润的262.84%，切实让投资者分享企业的成长与发展成果。
　　盈利预测与估值
　　我们维持此前盈利预测，预计公司26-28年归母净利润为7.96/8.68/9.31亿元（三年复合增速为8.97%）。可比公司2026年一致预测PE约34倍，考虑到公司成长性弱于可比公司（可比公司25~27年平均复合增速23%，公司为9%），给予公司26年25倍PE估值，维持目标价为22.5元（前值22.5元，对应25倍26年PE）。
　　风险提示：1）CBCT行业竞争格局超预期加剧；2）齿科诊疗需求恢复不及预期；3）汇率波动风险。