Canature Health(SZ:300272) Shenwan Hongyuan Securities·2025-10-31 09:18Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company's revenue met expectations, while profits fell short. For the first three quarters of 2025, the company achieved a revenue of 1.356 billion yuan, representing an 8% year-on-year growth. The net profit attributable to the parent company was 95 million yuan, a 13% increase year-on-year, but the third quarter saw a decline in net profit by 7% [6][5] - The company is focusing on expanding its cell business as a second growth curve, planning to acquire related companies from Yuaneng Group to enhance its health industry ecosystem [6][5] - The overseas sales system is mature, with strong demand in North America, while domestic market conditions remain less favorable. The company is implementing a new marketing strategy to enhance service standards and expand its market presence in China [6][5] Financial Summary - For 2025, the company is projected to achieve total revenue of 1.796 billion yuan, with a year-on-year growth rate of 6.4%. The net profit attributable to the parent company is expected to be 118 million yuan, reflecting a 41.5% increase year-on-year [5][6] - The gross profit margin is forecasted to remain stable at 39% across the next few years, with a return on equity (ROE) expected to rise to 11.7% by 2026 [5][6] - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 118 million yuan, 152 million yuan, and 162 million yuan respectively, with corresponding price-to-earnings ratios of 33, 26, and 24 [6][5]