研报掘金丨华创证券：维持振德医疗“强推”评级，目标价约101元

Core Viewpoint - Zhend Medical reported a net profit of 203 million yuan for Q1-Q3 2025, representing a decrease of 33.91%, with Q3 net profit at 75 million yuan, down 48.47% [1] Financial Performance - The revenue showed steady growth, while profits faced temporary pressure due to high base effects [1] - The company is entering the respiratory and anesthesia equipment sector through acquisitions, which opens new growth opportunities [1] Future Outlook - Zhend Medical aims to build a broader and deeper healthcare industry chain to support the development of high-quality medical services [1] - Based on the analysis of the Q3 report, long-tail product optimization, and expense input rhythm, the company is valued at 26.8 billion yuan, with a target price of approximately 101 yuan, maintaining a "strong buy" rating [1]