研报掘金丨华源证券：维持鱼跃医疗“买入”评级，出海布局稳步推进，天花板有望打开

Core Viewpoint - Yuyue Medical reported a net profit attributable to shareholders of 1.47 billion yuan for the first three quarters of 2025, a year-on-year decrease of 4.3%, with Q3 net profit down 36.0% year-on-year to 260 million yuan, indicating challenges despite steady revenue growth [1] Financial Performance - The company achieved a net profit of 1.47 billion yuan in Q1-Q3 2025, reflecting a decline of 4.3% compared to the previous year [1] - In Q3 2025, the net profit was 260 million yuan, showing a significant year-on-year decrease of 36.0% [1] Revenue Growth - Revenue growth remains robust, with continuous investment in expenses [1] - The overseas revenue is experiencing high growth, with breakthroughs in more international markets [1] Regional Performance - In Southeast Asia, revenue in Thailand continues to show strong growth [1] - Rapid growth is also observed in the European and North American markets [1] - The South American market has seen a quick recovery in revenue in Q3 2025 [1] Future Outlook - The company plans to further explore market opportunities in the Middle East, Africa, and the CIS regions [1] - With an increasingly complete overseas layout and more products expected to gain overseas registration, overseas revenue is anticipated to accelerate significantly [1] Market Position - The company is positioned as a leading domestic platform for home medical devices, possessing strong brand power [1] - The steady progress of international expansion is expected to open up new growth potential [1]