研报掘金丨中邮证券：维力医疗印尼工厂投产在即，高毛利产品的占比有望持续提升

Core Insights - The report from Zhongyou Securities indicates that Weili Medical achieved a net profit attributable to shareholders of 192 million yuan in the first three quarters of 2025, representing a year-on-year growth of 14.94% [1] - In Q3, the net profit attributable to shareholders was 71 million yuan, reflecting a year-on-year increase of 16.31% [1] - The company's factory in Indonesia is nearing completion, with high-margin products increasingly contributing to revenue [1] Financial Performance - Net profit for the first three quarters of 2025 reached 192 million yuan, up 14.94% year-on-year [1] - Q3 net profit was 71 million yuan, marking a 16.31% year-on-year growth [1] Business Development - The Indonesian factory is currently in the construction and product certification phase, with expected shipments starting in the first quarter of 2026 [1] - The company is optimizing its overseas business product structure, with a continuous increase in the proportion of high-margin products [1] Future Outlook - The ongoing launch of new products is anticipated to further optimize the company's product and business structure [1] - The proportion of high-margin products is expected to continue rising, contributing to improved overall gross margins in overseas operations [1]