三友医疗（688085）：收入保持稳健增长趋势，国际业务表现亮眼

Investment Rating - The report maintains a "Recommended" rating for the company, with a current stock price of 20.01 yuan [1]. Core Insights - The company has shown a steady growth trend in revenue, with international business performing exceptionally well. For the first three quarters of 2025, the company achieved a revenue of 391 million yuan, representing a year-over-year increase of 17.65%, and a net profit attributable to shareholders of 61.98 million yuan, up 623.19% year-over-year [4][5]. - The company's international business, particularly in the United States, has been a significant driver of growth, with U.S. revenue for the first three quarters increasing by 83.04% year-over-year [5]. - The gross margin has improved significantly, with a Q3 gross margin of 77.04%, indicating enhanced operational quality [6]. - The company has made progress in innovative products, including the approval of the JAZZ fixed tension band system, which enhances its competitive edge in the spinal surgery market [9]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 142 million yuan, a year-over-year increase of 17.44%, and a net profit of 25.38 million yuan, up 268.13% year-over-year [4][5]. - The company’s revenue for the first three quarters of 2025 was 391 million yuan, with a net profit of 61.98 million yuan [4]. International Business - The U.S. market has become the largest for the company, with revenue reaching 1.8 million euros in the first three quarters, nearly doubling year-over-year [5]. - The French subsidiary, Implanet, achieved a revenue of 2.92 million euros, a year-over-year increase of 26.37% [5]. Product Innovation - The company’s innovative product, the JAZZ fixed tension band system, has received regulatory approval, enhancing its product line in spinal surgery [9]. - The company is also advancing its spinal surgery robot, which has entered the innovation channel, marking a significant milestone in its R&D efforts [9]. Financial Projections - The company is projected to achieve net profits of 87 million yuan, 160 million yuan, and 257 million yuan for the years 2025, 2026, and 2027, respectively [9].