三友医疗（688085）：超声骨刀快速放量，国际化业务值得期待

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 17.47 and a sector rating of "Outperform" [1][4]. Core Insights - The company reported a revenue of RMB 454 million for 2024, a decrease of 1.48% year-on-year, and a net profit of RMB 11 million, down 88% year-on-year. However, in Q1 2025, the company achieved a revenue of RMB 116 million, a growth of 34.72% year-on-year, and a net profit of RMB 13 million, a significant increase of 711.85% year-on-year. The rapid growth in new business areas, particularly in ultrasonic bone knives and international expansion, supports the "Buy" rating [4][6]. Summary by Sections Financial Performance - The company’s revenue for 2024 is projected at RMB 454 million, with a growth rate of -1.5%. For 2025, revenue is expected to rise to RMB 612 million, reflecting a growth rate of 35.0%. The net profit for 2025 is forecasted at RMB 122 million, a substantial increase of 964.2% compared to 2024 [8][9]. Business Developments - The company has completed the acquisition of the remaining equity in Waterwood Tianpeng, which focuses on ultrasonic bone knives. This acquisition is expected to enhance the product matrix and provide innovative therapies, contributing to competitive strength. In Q1 2025, Waterwood Tianpeng reported a revenue of RMB 35.12 million, a growth of 152.40% year-on-year [9]. International Expansion - The company has completed its international business layout, with FDA510(K) certification for its Zeus spinal system and JSS spinal system, set to begin sales in the U.S. by the end of 2024. The international business is expected to grow significantly, with the French subsidiary Implanet SA achieving a revenue of EUR 2.58 million, a year-on-year increase of 15.97% [9].