Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company reported a revenue of 2.398 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 6.63%. The net profit attributable to the parent company was 260 million yuan, up 3.30% year-on-year [4][5] - The gross margin reached a historical high of 54.79% in Q3 2025, with a net profit margin of 10.30%, indicating improved profitability [5] - The company's respiratory machine business is expected to become a major product line, with significant sales growth since June 2025 due to strong consumer recognition and a comprehensive sales strategy [5] - The company is strategically investing in cutting-edge fields such as brain-machine interfaces, which could enhance its capabilities in hearing rehabilitation and intelligent assistive devices [6] Financial Performance - Revenue projections for 2025-2027 are 3.361 billion yuan, 3.846 billion yuan, and 4.377 billion yuan, with year-on-year growth rates of 12.66%, 14.45%, and 13.79% respectively. Net profit attributable to the parent company is expected to be 381 million yuan, 474 million yuan, and 561 million yuan, with growth rates of 22.09%, 24.57%, and 18.34% respectively [7][9] - The company’s PE ratios for 2025-2027 are projected to be 23 times, 19 times, and 16 times [7]
可孚医疗（301087）：三季度毛利率创新高，呼吸机有望成为大单品