Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance is under short-term pressure, but improvement is expected in the second half of the year [1] - Revenue and profit forecasts have been adjusted, with earnings per share projected at 0.61, 0.70, and 0.86 yuan for 2025-2027, respectively [2] - The target price is set at 12.81 yuan based on a 17x P/E ratio for 2026 [2] Financial Performance Summary - The company reported a revenue of 4,123 million yuan in 2023, with a projected decline to 3,837 million yuan in 2025, followed by a recovery to 4,429 million yuan in 2026 and 5,181 million yuan in 2027 [4] - The gross margin is expected to improve from 52.9% in 2023 to 65.0% by 2027 [4] - The net profit attributable to the parent company is forecasted to increase from 563 million yuan in 2023 to 852 million yuan in 2027, with a significant jump of 51.9% in 2025 [4] - The company’s earnings per share are projected to rise from 0.57 yuan in 2023 to 0.86 yuan in 2027 [4] Market and Product Insights - The company is experiencing challenges in raw material and formulation sales, but there is potential for recovery as export prices stabilize and the impact of centralized procurement diminishes [8] - The overseas market is becoming a new growth driver, with a reported revenue of 5.41 billion yuan from international operations, reflecting a 5.1% year-on-year increase [8] - The company has a robust pipeline of new products, with several new drugs and complex formulations expected to receive approval soon, enhancing future growth prospects [8]

（文章来源：每日经济新闻） 华安证券8月11日发布研报称，给予三鑫医疗（300453.SZ，最新价：10.66元）买入评级。评级理由主 要包括：1）海外市场持续高增长，2025H1增速约67%；2）血透核心业务保持高速增长，2025H1年增 速约20%；3）拟发可转债5.3亿元，持续产能扩张。风险提示：公司血透设备海外市场销售不及预期风 险、公司产能利用不足风险。 ...