稳健医疗（300888）：2025Q3利润提速增长，经营质量优秀

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has demonstrated strong revenue and profit growth in 2025, with a year-on-year revenue increase of 30% and a net profit increase of 32% for the first three quarters [1] - The consumer goods segment, including cotton soft towels and adult apparel, has shown steady growth, while the sanitary napkin segment continues to perform exceptionally well [3] - The medical consumables business has experienced rapid revenue growth due to international expansion and changes in consolidation scope, with a 44% year-on-year increase in revenue for the first three quarters [4] - The company is expected to achieve significant net profit growth in 2025, driven by healthy growth in both consumer goods and medical consumables [5] Financial Performance Summary - For Q1 to Q3 2025, the company reported revenues of 7.9 billion yuan and a net profit of 730 million yuan, with a net profit margin of 9.8% [1] - In Q3 2025 alone, the company achieved revenues of 2.6 billion yuan and a net profit of 240 million yuan, reflecting a net profit margin of 9.9% [2] - The gross profit margin for Q1 to Q3 2025 was 48.3%, with a slight increase of 0.2 percentage points year-on-year [1] - The medical consumables segment's revenue for Q1 to Q3 2025 was 3.83 billion yuan, with a year-on-year growth of 44% [4] - The company expects net profits of 1.05 billion yuan in 2025, with projected growth rates of 51.3% for the following years [6]