Lepu Medical(SZ:300003) GUOTAI HAITONG SECURITIES·2025-10-31 05:32Investment Rating - The report maintains a "Buy" rating for the company [6][13]. Core Views - The company's overall performance is stable, with explosive growth in new products such as "Tongyan Needle" and "Water Light Needle," driving rapid profit growth [2][13]. - The company achieved a revenue of 4.939 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 3.20%, and a net profit attributable to the parent company of 982 million yuan, up 22.35% [13]. Financial Summary - Total revenue for 2023 is reported at 7,980 million yuan, with a projected decrease of 24.8% [4]. - Net profit attributable to the parent company for 2023 is 1,258 million yuan, reflecting a decrease of 42.9% [4]. - The earnings per share (EPS) for 2023 is 0.67 yuan, with a projected EPS of 0.58 yuan for 2025 [4]. - The company’s return on equity (ROE) is 7.9% for 2023, expected to rise to 9.2% by 2027 [4]. Revenue Breakdown - In Q3 2025, the company reported a revenue of 1.569 billion yuan, an increase of 11.97%, with "Tongyan Needle" and "Water Light Needle" generating 86.14 million yuan in revenue [13]. - The cardiovascular intervention segment generated 555 million yuan in revenue, up 7.18%, while the anesthesiology segment saw a decline of 37.38% [13]. - The pharmaceutical segment achieved a revenue of 1.57 billion yuan, with a growth of 6.37% [13]. Target Price and Valuation - The target price for the company is set at 20.29 yuan, based on a price-to-earnings (PE) ratio of 35 times for 2025 [13].