山外山（688410）：业绩超预期，收入持续高增长

Investment Rating - The report maintains a "Buy" rating for the company [1][8] Core Insights - The company reported a significant revenue growth of 39.79% year-on-year, reaching 584 million yuan for the first three quarters of 2025, with a net profit increase of 68.68% to 104 million yuan [4][8] - In Q3 2025, the company achieved a revenue of 227 million yuan, marking a 61.66% increase year-on-year, and a net profit of 49 million yuan, which is a remarkable growth of 205.50% [4][8] - The growth in revenue is attributed to accelerated industry procurement and an increase in market share, particularly in equipment sales and self-produced consumables [4][5] Summary by Sections Financial Performance - For the first three quarters of 2025, the company’s gross margin increased by 0.98 percentage points to 48.52% [7] - The company’s self-produced consumables revenue reached 65 million yuan in the first half of 2025, a year-on-year increase of 91.90% [6] - The projected revenues for 2025-2027 are 797 million, 1,015 million, and 1,264 million yuan, with corresponding net profits of 160 million, 209 million, and 267 million yuan, indicating growth rates of 125.81%, 30.51%, and 27.69% respectively [8][11] Market Position - As of September 2025, the company holds a market share of 21.74% in the blood dialysis machine sector, ranking first in the industry [5] - The company’s market share for Continuous Renal Replacement Therapy (CRRT) is 18%, maintaining its leading position [5] Future Outlook - The company is expected to continue its growth trajectory, with revenue forecasts showing a compound annual growth rate (CAGR) of 40.50% for 2025 [8][11] - The earnings per share (EPS) are projected to increase from 0.50 yuan in 2025 to 0.83 yuan in 2027, reflecting a positive outlook for profitability [8][11]