SHINVA(SH:600587) Huachuang Securities·2025-11-20 13:43Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 20 yuan [2][6]. Core Insights - The company's revenue for the first three quarters of 2025 was 6.978 billion yuan, a decrease of 6.00% year-on-year, while the net profit attributable to the parent company was 434 million yuan, down 29.61% [2][6]. - In Q3 2025, the revenue was 2.188 billion yuan, a decline of 2.20%, and the net profit attributable to the parent company was 49 million yuan, down 63.39% [2][6]. - The company is experiencing a narrowing decline in revenue, with a continuous enrichment of its product system [2][6]. Financial Performance Summary - For 2024A, total revenue is projected at 10.021 billion yuan, with a year-on-year growth rate of 0.1%. For 2025E, it is expected to be 9.660 billion yuan, a decrease of 3.6%, and for 2026E, it is projected to increase by 10.3% to 10.651 billion yuan [2][7]. - The net profit attributable to the parent company is forecasted to be 692 million yuan in 2024A, with a growth rate of 5.8%, and is expected to reach 702 million yuan in 2025E, a growth of 1.5% [2][7]. - The earnings per share (EPS) for 2025E is estimated at 1.16 yuan, with a price-to-earnings (PE) ratio of 13 times [2][7]. Product Development and R&D - The company increased its R&D expenses to 322 million yuan in the first three quarters of 2025, a year-on-year increase of 8.28% [2][6]. - New products approved between July and October 2025 include various medical devices, indicating a further enrichment of the product system [2][6]. Investment Recommendations - Based on the Q3 2025 performance and ongoing profit pressure, the company is expected to achieve net profits of 700 million yuan, 820 million yuan, and 900 million yuan for 2025-2027, representing year-on-year growth rates of 1.5%, 16.3%, and 10.7% respectively [2][6].