研报掘金丨信达证券：可孚医疗盈利能力持续提升，维持“买入”评级

Core Viewpoint - Cufu Medical achieved a net profit attributable to shareholders of 260 million yuan in the first three quarters of 2025, representing a year-on-year increase of 3.30% [1] - The company reported a net profit of 93 million yuan in Q3 2025, showing a significant year-on-year growth of 38.68% [1] Financial Performance - The company's Q3 2025 performance exceeded a 30% growth rate, indicating a continuous improvement in profitability [1] - The gross profit margin for Q3 2025 was 54.79%, which is an increase of approximately 2 percentage points both quarter-on-quarter and year-on-year [1] Strategic Focus - The company is adjusting its product portfolio by phasing out low-efficiency products with limited growth potential, which is contributing to the enhancement of its profitability [1] - Future growth is expected to be driven by the ramp-up of self-produced ventilators, blood glucose monitoring products, and integrated blood glucose and uric acid testing devices [1] Market Expansion - The company is exploring international market potential through H-share issuance and mergers and acquisitions [1] - There is potential for advanced hearing rehabilitation solutions through brain-computer interface technology, which could tap into the hearing market [1] Investment Rating - The investment rating is maintained at "Buy" based on the positive outlook for the company's core business and profitability enhancement [1]