Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company has shown stable revenue growth in Q3 2025, with a notable improvement in net profit, indicating a positive trend in core business operations and diversification efforts [1][4]. - The company has established backup factories in Malaysia to mitigate geopolitical risks and is expanding into multiple fields such as blood glucose management and cardiovascular devices [2]. - The gross profit margin has decreased due to capacity transfer impacts, but various expense ratios have improved, reflecting better cost management [3]. Financial Performance - For the first nine months of 2025, the company's revenue, net profit attributable to the parent company, and net profit excluding non-recurring items were CNY 1.194 billion, CNY 208 million, and CNY 203 million, respectively, showing year-on-year changes of +3.3%, -19.3%, and -17.9% [1][6]. - In Q3 2025, the revenue, net profit attributable to the parent company, and net profit excluding non-recurring items were CNY 462 million, CNY 94 million, and CNY 93 million, respectively, with year-on-year growth of +2.6%, +5.9%, and +9.6% [1][6]. - The company forecasts net profits for 2025-2027 to be CNY 370 million, CNY 440 million, and CNY 520 million, representing year-on-year growth of +1.4%, +19.4%, and +18.6% [4]. Valuation - The report assigns a target price of CNY 27.11 for the company, based on a 35x PE valuation for 2026, compared to a peer average of 28x [4].
美好医疗（301363）：3Q25收入平稳增长，净利润明显改善