MTM(SH:688029) Xin Lang Cai Jing·2025-10-28 12:29Performance Summary - In the first three quarters of 2025, the company achieved revenue of 2.381 billion yuan, a year-on-year increase of 18% [1] - The net profit attributable to shareholders was 509 million yuan, up 13% year-on-year [1] - The net profit after deducting non-recurring items was 508 million yuan, reflecting a 14% year-on-year increase [1] - In Q3 2025, the company reported revenue of 815 million yuan, a 20% increase year-on-year [1] - The net profit attributable to shareholders for Q3 was 146 million yuan, a 4% increase year-on-year [1] - The net profit after deducting non-recurring items for Q3 was 144 million yuan, up 3% year-on-year [1] Operational Analysis - Revenue continued to grow steadily, but gross margin faced slight pressure, with Q3 gross margin at 63.89%, down 3.17 percentage points year-on-year [2] - The decline in gross margin is attributed to pressure in domestic market demand and a decrease in prices of certain products [2] - R&D investment in the first three quarters reached 134 million yuan, an increase of 19.95% year-on-year, with several innovative products gaining market access [2] - The company established an innovation research institution in May, focusing on surgical innovation and identifying major clinical needs [2] - The acquisition of a 51% stake in Spanish company Creo Medical S.L.U. was completed in February, facilitating expansion into the European market [2] - The construction and operational preparation of the manufacturing center in Thailand is progressing well, with production expected to commence by the end of the year [2] Profit Forecast, Valuation, and Rating - The company is projected to achieve net profits attributable to shareholders of 645 million yuan, 820 million yuan, and 1.007 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth of 17%, 27%, and 23% [3] - The current price corresponds to a price-to-earnings ratio (PE) of 25, 20, and 16 for the years 2025, 2026, and 2027 [3] - The company maintains a "buy" rating [3]