鱼跃医疗（002223）：海外保持高增长，拓展AI智能穿戴设备

Investment Rating - The report maintains an "Outperform" rating for the company [1][4][9] Core Insights - The company achieved revenue of 6.55 billion RMB and a net profit attributable to shareholders of 1.47 billion RMB in the first three quarters of 2025, with Q3 alone contributing 1.89 billion RMB in revenue and 0.26 billion RMB in net profit [4][9] - The respiratory therapy business shows stable growth, with products like oxygen concentrators and ventilators achieving rapid growth and breaking into key markets [10][11] - The company is actively developing AI wearable devices, focusing on health management and planning products for blood pressure and oxygen monitoring [12] Financial Summary - Total revenue for 2023 is projected at 7,972 million RMB, with a growth forecast of 12.3% [3] - Net profit attributable to shareholders for 2023 is projected at 2,396 million RMB, reflecting a significant increase of 50.2% [3] - The company expects a PE ratio of 23X for 2025, with a target price set at 45.47 RMB [4][9] Business Expansion - The company is deepening its cooperation with Inogen to enhance its presence in the US market, with overseas revenue showing rapid growth, particularly in Southeast Asia and Europe [11] - New products in the Continuous Glucose Monitoring (CGM) segment have been launched, contributing to significant growth and market share increase [10]