Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has demonstrated strong growth with a 30.72% year-over-year increase in revenue for Q3 2025, driven by a focused product strategy and acquisitions [2] - The company's gross profit margin has improved to 54.79% in Q3 2025, indicating enhanced profitability [2] - The company is expected to maintain rapid growth in core business areas, particularly in self-manufactured products like ventilators and blood glucose monitoring devices [2] - The planned H-share issuance and recent acquisitions are anticipated to enhance the company's international market expansion capabilities [2] - The hearing aid segment is showing positive operational trends, with expectations of reaching breakeven by the end of the year [2] - The company is investing in neural interface technology, which is expected to synergize with its hearing aid business and explore advanced hearing rehabilitation solutions [2] Financial Summary - For the first three quarters of 2025, the company achieved a revenue of 2.398 billion yuan, a year-over-year increase of 6.63%, and a net profit of 260 million yuan, up 3.30% year-over-year [1][2] - The projected revenues for 2025-2027 are 3.330 billion, 3.911 billion, and 4.556 billion yuan, with corresponding year-over-year growth rates of 11.6%, 17.4%, and 16.5% [2][3] - The expected net profits for the same period are 388 million, 485 million, and 590 million yuan, with growth rates of 24.6%, 24.8%, and 21.6% respectively [2][3] - The company's gross margin is projected to improve from 51.9% in 2024 to 53.5% in 2027 [3]
可孚医疗（301087）：25Q3业绩增长超30%，盈利能力持续提升