翔宇医疗（688626）：收入端稳健，持续加大脑机接口研发投入

Investment Rating - The investment rating for the company is "Outperform the Market" [4] Core Insights - The company has shown steady revenue growth, with a revenue of 537 million yuan in the first three quarters of 2025, representing a 6% increase year-on-year. However, the net profit attributable to the parent company has decreased by 40.09% to 44 million yuan due to increased R&D and marketing expenditures [1][2] - The company is significantly increasing its investment in brain-computer interface (BCI) technology, having established a comprehensive product matrix and five major brain science laboratories. The company plans to launch multiple new products by the end of 2025 [2] - The gross profit margin has slightly increased to 67.19%, while the total expense ratio has risen significantly, indicating a focus on R&D and market promotion [1] Financial Performance Summary - Revenue for 2025 is projected at 802 million yuan, with a year-on-year growth rate of 7.9%. The net profit attributable to the parent company is expected to be 100 million yuan, reflecting a slight decrease of 2.6% [3][22] - The company’s earnings per share (EPS) is forecasted to be 0.63 yuan in 2025, with a price-to-earnings (PE) ratio of 83.7x [3][22] - The company’s operating margin is projected to be 7.4% in 2025, with a return on equity (ROE) of 4.8% [3][22]