Investment Rating - The report maintains an "Outperform" rating for the company [5][12]. Core Insights - The company has experienced steady growth in its overall business, with significant acceleration in overseas operations, particularly in the United States [1][5]. - For the first three quarters of 2025, the company achieved a total revenue of RMB 808 million, representing a year-on-year increase of 34.24%, and a net profit attributable to shareholders of RMB 180 million, up 43.87% [5][12]. - The report projects net profits for 2025, 2026, and 2027 to be RMB 245 million, RMB 310 million, and RMB 389 million respectively, with a target price set at RMB 93.08 based on a 2025 PE of 34X [5][12]. Revenue Breakdown - Domestic revenue for the first three quarters of 2025 was RMB 251 million, a 5.51% increase year-on-year, while overseas revenue reached RMB 558 million, marking a 52.96% increase, primarily driven by contributions from the USA and Europe [3][5]. - The home respiratory therapy segment generated RMB 521 million, accounting for 64.51% of total revenue, with a year-on-year growth of 39.07% [5][12]. - Consumables revenue was RMB 262 million, representing 32.38% of total revenue, with a year-on-year increase of 27.26% [5][12]. Product Development - The company's new noise-free cotton respirators have been entering the U.S. market in bulk since July, with sales levels showing significant monthly improvement in Q3 [5][12]. - The acquisition of medical reimbursement codes for the new respirators is expected to lead to more pronounced volume increases in the future [5][12].
瑞迈特（301367）：整体业务稳中有升，境外业务高速增长