万孚生物（300482）：海外业务进展顺利，国内短暂承压

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [1][9]. Core Insights - The company has experienced a decline in domestic revenue due to external pressures such as centralized procurement and tax rate adjustments, with a reported revenue of 1.69 billion yuan for the first three quarters of 2025, down 22.52% year-on-year [3][4]. - Despite domestic challenges, the overseas business is progressing well, particularly in the U.S. market, where the company is expanding its respiratory disease diagnostics and has established a local production capability [5][6]. - The gross profit margin has slightly decreased by 3.13 percentage points to 60.30%, influenced by changes in sales structure, while the expense ratios have increased due to declining revenues [7]. Financial Summary - For 2025, the company is projected to generate revenues of 2.32 billion yuan, a decrease of 24.37% year-on-year, with a net profit of 128 million yuan, reflecting a significant decline of 77.28% [10]. - The earnings per share (EPS) for 2025 is estimated at 0.27 yuan, with a price-to-earnings (PE) ratio of 80 times [9][10]. - The company’s financial metrics indicate a challenging outlook, with expected revenue growth rates of -24.37% in 2025, followed by a recovery in subsequent years [10].