乐普医疗(300003)：业绩符合预期 看好创新+医美驱动业绩回升

Core Insights - The company reported a revenue of 4.939 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 3.2%, with a net profit of 982 million yuan, up 22.35% year-over-year [1] - In Q3 2025, the company achieved a revenue of 1.569 billion yuan, marking an 11.97% year-over-year growth, and a net profit of 291 million yuan, which is a significant increase of 176.18% year-over-year [1] Group 1: Financial Performance - The medical device segment generated revenue of 2.57 billion yuan, showing a slight increase of 0.33%, with the cardiovascular intervention segment growing by 7.45% to 1.79 billion yuan [2] - The pharmaceutical segment's revenue reached 1.57 billion yuan, up 6.37%, with the formulation business recovering to 1.36 billion yuan, reflecting a 14.32% increase [2] - The medical services and health management segment reported revenue of 796 million yuan, a growth of 6.79%, with new products like the "童颜针" and "水光针" contributing to nearly 30% growth in Q3 [2] - The company's gross margin improved to 64.21%, an increase of 1.41 percentage points, while the net profit margin rose to 20.17%, up 3.8 percentage points [2] - Cash flow for the first three quarters totaled 1.01 billion yuan, a significant increase of 139%, with expectations to reach 1.4 to 1.5 billion yuan for the full year [2] Group 2: Growth Drivers - The aesthetic medicine segment is accelerating, with the "童颜针" achieving approximately 100 million yuan in revenue since its launch in early August, covering over 80% of major brand chains and smaller institutions [3] - The innovative drug segment is progressing with various pipelines, including MWN109 and MWN105, with ongoing clinical trials and plans for business development collaborations [3] - The neuro-regulation and brain-machine interface segment is expected to see the approval of the deep brain stimulation device soon, with revenue contributions anticipated next year [3] Group 3: Profit Forecast - Revenue projections for 2025-2027 are estimated at 6.618 billion, 7.363 billion, and 8.347 billion yuan, with year-over-year growth rates of 8.44%, 11.26%, and 13.35% respectively [4] - Net profit forecasts for the same period are 1.12 billion, 1.293 billion, and 1.546 billion yuan, with substantial growth rates of 353.48%, 15.43%, and 19.63% respectively [4] - The current price-to-earnings ratios are projected at 29, 25, and 21 times for the years 2025, 2026, and 2027 [4]