Investment Rating - The report maintains a "Buy" rating for the company [4][8]. Core Insights - The company's main business in the spinal sector has stabilized and is recovering, with rapid growth in international operations [2][3]. - In the first half of 2025, the company achieved revenue of 250 million yuan, a year-on-year increase of 17.77%, and a net profit attributable to shareholders of 37 million yuan, a significant increase of 2083.64% [2]. - The company is transitioning from equipment sales to a sustainable consumables model, driven by high-margin consumables, which has become a core growth engine [3]. Financial Performance - The company expects revenues for 2025-2027 to reach 599 million yuan, 759 million yuan, and 952 million yuan, representing year-on-year growth of 32.0%, 26.8%, and 25.4% respectively [4][10]. - The net profit attributable to shareholders is projected to be 90 million yuan, 154 million yuan, and 238 million yuan for the same period, with growth rates of 684.8%, 71.6%, and 54.0% respectively [4][10]. - The company's gross margin is expected to improve from 71.3% in 2024 to 77.3% by 2027 [10]. Market Expansion - The company has made significant progress in the U.S. market, with a year-on-year growth of 444% in the second quarter of 2025, surpassing the French market for the first time [3]. - The company is developing a product matrix that includes spinal consumables, ultrasonic bone knives, and orthopedic robots, aiming to create a competitive advantage in the North American market [3]. Innovation and Development - The company is actively involved in the development of new medical devices, including a next-generation multi-arm surgical robot and a porous polyether ether ketone interbody fusion device, which is expected to receive approval soon [3]. - The company has a rich pipeline of projects covering advanced fields such as next-generation cervical disc prostheses and minimally invasive fusion systems, ensuring long-term growth [3].
三友医疗(688085):脊柱主业企稳复苏,国际化业务快速增长