三友医疗(688085)：超声骨刀持续快速放量 海外业务稳健增长

Core Viewpoint - Q3 performance met expectations, with stable growth in domestic terminal surgeries and sales, and continuous performance growth in international business, especially in the US market [1][4] - The company is expected to achieve steady growth in domestic spinal business and continued expansion in ultrasound bone knife and overseas business in Q4 and next year [1][5] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 391 million yuan (+17.65%) and a net profit attributable to shareholders of 62 million yuan (+623.19%), with a non-recurring net profit of 49 million yuan (+1737.69%) [2][4] - Q3 single-quarter revenue was 142 million yuan (+17.44%) and net profit attributable to shareholders was 25 million yuan (+268.13%) [4] - The company’s gross profit margin improved to 74.31% (+4.63 percentage points) [6] Business Growth - The domestic spinal business is expected to return to steady growth following the clearance of the impact from spinal centralized procurement [5][7] - The ultrasound bone knife business is anticipated to grow rapidly as its penetration rate in the domestic market is currently low [5][7] - The company’s overseas revenue from the French subsidiary Implanet reached 291.59 million euros, with the US market becoming the largest market for Implanet [5] Future Outlook - The company is projected to achieve revenues of 545 million yuan, 675 million yuan, and 840 million yuan from 2025 to 2027, with year-on-year growth rates of 20.2%, 23.8%, and 24.4% respectively [7] - Net profit attributable to shareholders is expected to reach 90 million yuan, 130 million yuan, and 167 million yuan during the same period, with significant growth rates [7]