鱼跃医疗（002223）：各业务稳步增长，海外布局持续推进

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is experiencing steady growth across its various business segments, with ongoing expansion in overseas markets [5] - The company reported a revenue of 4.66 billion yuan in the first half of 2025, representing a year-on-year increase of 8.2%, and a net profit attributable to shareholders of 1.2 billion yuan, up 7.4% year-on-year [7] - The respiratory segment has shown recovery in growth, with significant increases in home respiratory device sales [7] - The company is a leading domestic platform for home medical devices, with strong brand power and a promising outlook for international expansion [7] Financial Summary - Revenue projections for 2025-2027 are 8.606 billion yuan, 9.735 billion yuan, and 11.037 billion yuan, with year-on-year growth rates of 13.75%, 13.11%, and 13.38% respectively [6] - Net profit attributable to shareholders is forecasted to be 2.011 billion yuan, 2.314 billion yuan, and 2.661 billion yuan for 2025-2027, with growth rates of 11.35%, 15.07%, and 15.03% respectively [6] - The company's return on equity (ROE) is expected to be 14.40%, 14.53%, and 15.08% for the years 2025-2027 [6] - The price-to-earnings (P/E) ratio is projected to be 20.91, 18.78, and 16.32 for 2025-2027 [6]