MYL(SH:600993) Changjiang Securities·2025-11-16 14:03Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has shown steady growth in performance, with a revenue of 2.837 billion yuan for the first nine months of 2025, representing a year-on-year increase of 1.63%. The net profit attributable to the parent company reached 501 million yuan, up 9.51% year-on-year [4][10]. - In Q3 2025, the company achieved a revenue of 888 million yuan, a growth of 2.80% year-on-year, and a net profit of 158 million yuan, which is an increase of 8.38% year-on-year [4][10]. - The company is actively expanding its product offerings in the health sector, leveraging its strengths in the anorectal market and enhancing its marketing efforts [10]. Financial Performance - For the first nine months of 2025, the company reported a net profit of 501 million yuan, with a non-recurring net profit of 468 million yuan, reflecting a year-on-year growth of 9.51% and 4.27% respectively [4][10]. - The gross margin for Q3 2025 was 48.00%, an increase of 1.52 percentage points year-on-year, while the net profit margin was 17.76%, up by 0.91 percentage points year-on-year [10]. - The company forecasts net profits of 608 million yuan, 717 million yuan, and 821 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.41 yuan, 1.66 yuan, and 1.90 yuan [10].