⚫ 根据公司 2025 年三季报，我们维持 2025-2027 年每股收益预测为 0.54/0.69/0.85 元，根据可比公司维持给予 25 年 38 倍 PE，对应目标价 20.52 元，维持"买入"评 级。 风险提示 乐普医疗 300003.SZ 公司研究 | 季报点评 经营边际向好，医美放量在即 —乐普医疗 2025 年三季报点评 核心观点 盈利预测与投资建议 研发进度和新产品商业化不及预期；集采或市场竞争加剧冲击；大额计提减值等风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 7,980 | 6,103 | 6,683 | 7,424 | 8,272 | | 同比增长 (%) | -24.8% | -23.5% | 9.5% | 11.1% | 11.4% | | 营业利润(百万元) | 1,547 | 253 | 1,202 | 1,546 | 1,886 | | 同比增长 (%) | -41.0% | -83.6% | 375.0 ...

心血管等主业稳健，医美产品 Q3 快速放量启新章 医疗器械 乐普医疗（300003.SZ） 证券研究报告/公司点评报告 2025 年 10 月 28 日 | 评级： 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：谢木青 | 营业收入（百万元） | 7,980 | 6,103 | 6,610 | 7,558 | 8,636 | | | 增长率 yoy% | -25% | -24% | 8% | 14% | 14% | | 执业证书编号：S0740518010004 | 归母净利润（百万元） | 1,258 | 247 | 1,053 | 1,302 | 1,606 | | Email：xiemq@zts.com.cn | 增长率 yoy% | -43% | -80% | 327% | 24% | 23% | | | 每股收益（元） | 0.67 | 0.13 | 0.56 | 0.69 | 0.85 ...

证券日报网讯乐普医疗（300003）10月28日在互动平台回答投资者提问时表示，公司注射用透明质酸钠 复合溶液临床前动物实验已完成，正在数据整理阶段，近期会提交补充资料；含聚左旋乳酸的交联透明 质酸钠凝胶处于临床试验阶段；热玛吉设备和耗材已提交上市申请。这些新产品的陆续上市将进一步完 善公司医美产品矩阵，为业务发展注入新动能。产品实际销售情况将受到宏观经济环境、市场竞争格 局、监管政策等多重因素影响，具体业绩表现请以公司后续披露的财务报告为准。 ...

27 October 2025 | 1:10PM CST Equity Research Lepu (300003.SZ): Earnings review: 3Q25 sales missed while NP in line; TP up to Rmb19; Buy Lepu released its 3Q25 results on Oct 24, 2025. Its revenue (Rmb1,569mn, +12% yoy) missed GSe (Rmb1,937mn) due to softer sales of its pharmaceutical business (+53% yoy vs GSe +70%). However, as the company's selling expense ratio was lower than GSe (17.3% vs GSe 21.6%), the company's net profit (Rmb291mn, +176% yoy) was in line with GSe (Rmb277mn). The company highlighted i ...

Core Insights - The internet healthcare sector experienced a slight increase of 0.43% on October 27, with Haixia Innovation leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Stock Performance Summary - Haixia Innovation (300300) saw a significant rise of 20.06%, closing at 7.66 with a trading volume of 1.7959 million shares and a transaction value of 1.292 billion [1] - Other notable gainers included: - Furuide (300049) up 5.05% to 70.77 with a transaction value of 766 million [1] - Xingqi Eye Medicine (300573) up 4.78% to 77.83 with a transaction value of 1.493 billion [1] - Conversely, several stocks in the sector experienced declines, such as: - Wandong Medical (600055) down 3.66% to 16.33 with a transaction value of 232 million [2] - Yuyue Medical (002223) down 3.53% to 35.80 with a transaction value of 1.218 billion [2] Capital Flow Analysis - The internet healthcare sector saw a net outflow of 47.5781 million from institutional investors, while retail investors contributed a net inflow of 252 million [2][3] - Specific stock capital flows included: - Haixia Innovation had a net inflow of 16.6 million from institutional investors but a net outflow of 10.3 million from speculative funds [3] - Furuide experienced a net inflow of 14.7 million from institutional investors but a significant outflow from retail investors totaling 108 million [3]

Investment Rating - The report maintains an "Overweight" rating for several pharmaceutical companies including Jiangsu Heng Rui Medicine, Hansoh Pharmaceutical Group, 3SBio, and Jiangsu Nhwa Pharmaceutical, with related targets such as CSPC Innovation Pharmaceutical [6][28]. Core Insights - The innovative drug sector is experiencing high prosperity, and the report continues to recommend innovative drugs and their industry chain. It highlights the recent global strategic collaboration between Innovent Biologics and Takeda, which is expected to catalyze the innovative drug market [6][29]. - The report notes that the A-Shares pharmaceutical sector underperformed the market in the fourth week of October 2025, with the SW Pharmaceutical and Biological index rising only 0.6% compared to a 2.9% increase in the SHCOMP [8][30]. - In the same period, the Hong Kong pharmaceutical sector also underperformed, while the U.S. pharmaceutical sector performed in line with the market [31][19]. Summary by Sections Continuous Recommendation of Innovative Drugs and Industry Chain - The report emphasizes the ongoing recommendation of innovative drugs and the industry chain, maintaining "Overweight" ratings for various companies including Heng Rui Medicine, Hansoh Pharmaceutical, 3SBio, and Nhwa Pharmaceutical. It also recommends Biopharma/Biotech companies with innovative pipelines and increasing performance, maintaining "Overweight" ratings for Innovent Biologics, Xiamen Amoytop Biotech, and others [6][28]. Performance of A-Shares Pharmaceutical Sector - In the fourth week of October 2025, the A-Shares pharmaceutical sector's performance was weaker than the overall market, with a 0.6% increase compared to the SHCOMP's 2.9% rise. The medical service, pharmaceutical commerce, and medical equipment sub-sectors showed relatively better performance [8][30]. Performance of Hong Kong and U.S. Pharmaceutical Sectors - The Hong Kong pharmaceutical sector underperformed the market with a decline of 0.8%, while the U.S. pharmaceutical sector matched the market performance with a 1.9% increase. Notable stock movements included significant gains for companies like WuXi AppTec and declines for Alphamab Oncology in Hong Kong [31][19].

每经AI快讯，10月27日，乐普医疗（300003）在投资者关系活动中表示，公司医美业务发展迅速，"童 颜针"自8月初发货以来，含税收入已达1亿元左右，超出公司预期。目前产品已覆盖80%以上的大型品 牌连锁医美机构及1500~2000家中小型医美机构。公司主推的220mg"童颜针"凭借优异的生物相容性和 低不良反应率，在求美者中反响良好。未来将通过与美团等平台合作推广，并计划推出股东轻医美服务 优惠计划。公司对医美板块下达的2026年收入目标为10亿元。 ...

南财智讯10月27日电，乐普医疗在投资者关系活动中表示，公司医美业务发展迅速，"童颜针"自8月初 发货以来，含税收入已达1亿元左右，超出公司预期。目前产品已覆盖80%以上的大型品牌连锁医美机 构及1500-2000家中小型医美机构。公司主推的220mg"童颜针"凭借优异的生物相容性和低不良反应率， 在求美者中反响良好。未来将通过与美团等平台合作推广，并计划推出股东轻医美服务优惠计划。公司 对医美板块下达的2026年收入目标为10亿元。 ...

截至发稿，陈柯含累计任职时间96天，现任基金资产总规模11.32亿元，任职期间最佳基金回报3.64%， 任职期间最差基金回报-9.05%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，华泰柏瑞基金旗下1只基金重仓乐普医疗。保健ETF（516790）二季度持有股数19.37万股， 占基金净值比例为2.38%，位居第八大重仓股。根据测算，今日浮盈赚取约21.11万元。 保健ETF（516790）成立日期2021年8月12日，最新规模1.12亿。今年以来收益10.2%，同类排名 3593/4218；近一年收益5.16%，同类排名3632/3876；成立以来亏损37.67%。 保健ETF（516790）基金经理为陈柯含。 10月27日，乐普医疗涨6.37%，截至发稿，报18.21元/股，成交1.36亿元，换手率0.47%，总市值342.46 亿元。 资料显示，乐普(北京)医疗器械股份有限公司位于北京市昌平区超前路37号，成立日期1999年6月11 日，上市日期200 ...

乐普医疗(300003)在业绩说明会上表示，植入式脑深部神经刺激器（DBS）预计近期获批上市，明年有 望贡献收入，植入式心脏收缩力调节器（CCM）准备明年一、二季度申报，神经调控业务板块将为公 司业绩增长提供新逻辑。公司在集采大环境下，致力于在重大临床需求疾病诊疗领域内，研发产品技术 壁垒更高、市场竞争格局更好的植介入医疗器械，从而减少集采政策对公司业务的影响。 ...