三友医疗（688085）：脊柱业务恢复增长，国际化进程加速

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company has shown a recovery in domestic business growth, with significant increases in revenue and net profit in the third quarter of 2025. The revenue reached 142 million yuan, a year-on-year increase of 17.44%, and the net profit was 25.38 million yuan, up 268.13% year-on-year [7] - The international business continues to grow, with Implanet achieving revenue of 291.59 million euros in the third quarter, a year-on-year increase of 26.37%. The U.S. market contributed 106.20 million euros, up 22.21% year-on-year [7] - The company is expected to achieve revenue of 590 million yuan in 2025, with a net profit of 33 million yuan, corresponding to a PE ratio of 205.2 times [7] Financial Performance - For the fiscal year 2023, the company reported revenue of 460 million yuan, with a projected revenue of 590 million yuan for 2025, reflecting a growth rate of 30.1% [6][8] - The net profit for 2023 was 96 million yuan, with an expected increase to 33 million yuan in 2025, indicating a significant recovery from previous years [6][8] - The company's earnings per share (EPS) is projected to rise from 0.38 yuan in 2023 to 0.10 yuan in 2025 [6][8] Market Performance - The company's stock has experienced a decline of 26% over the past 12 months, compared to the Shanghai and Shenzhen 300 index [4]