Investment Rating - The investment rating for the company is "Buy" with a target price of 24.48 CNY, based on a 36 times price-to-earnings ratio for 2025 [3][5]. Core Insights - The company has shown operational improvement, particularly in its blood glucose management business, with a positive trend expected to continue [2]. - The company is diversifying its product lines, including strong competitiveness in ventilators and cochlear implants, and is actively developing new businesses and clients [3][9]. - The company’s revenue for the first three quarters of 2025 reached 1.19 billion CNY, a year-on-year increase of 3.3%, while the net profit attributable to the parent company was 210 million CNY, a year-on-year decrease of 19.3% [9]. Financial Performance Summary - Revenue projections for 2025-2027 are adjusted to 1.857 billion CNY, 2.196 billion CNY, and 2.569 billion CNY, respectively, with corresponding growth rates of 16.5%, 18.2%, and 17.0% [4]. - The net profit attributable to the parent company is forecasted to be 386 million CNY, 462 million CNY, and 543 million CNY for 2025-2027, with growth rates of 6.2%, 19.5%, and 17.6% [4]. - The gross margin is expected to improve slightly from 41.2% in 2023 to 42.6% by 2027 [4]. - The company’s earnings per share are projected to increase from 0.55 CNY in 2023 to 0.95 CNY in 2027 [4]. Business Development Summary - The company is expanding its capabilities in the respiratory machine sector and has established strategic partnerships with leading global companies [9]. - New product lines, including insulin pens and continuous glucose monitoring (CGM) devices, are being developed and are expected to contribute to revenue growth [9]. - The company is also exploring advanced fields such as brain-machine interfaces and robotics, leveraging its existing technology in cochlear implants [9].
美好医疗（301363）：2025 年三季报点评：经营改善，血糖业务趋势向好