业绩简述 2025 年10 月27 日，公司发布2025 年三季度报告：2025 年前三季度公司实现收入23.81 亿元，同比 +18%；归母净利润5.09 亿元，同比+13%；实现扣非归母净利润5.08 亿元，同比+14%；2025Q3 公司实 现收入8.15 亿元，同比+20%；归母净利润1.46 亿元，同比+4%；实现扣非归母净利润1.44 亿元，同比 +3%。 我们预计2025-2027 年公司归母净利润分别为6.45、8.20、10.07亿元，同比+17%、+27%、+23%，现价 对应PE 为25、20、16 倍，维持"买入"评级。 风险提示 医保控费政策风险；在研项目推进不达预期风险；产品推广不达预期风险；汇兑风险。 收入端稳定增长，毛利率略有承压。公司Q3 收入端依然保持稳定增长，利润增速略慢主要是毛利率有 所下降。公司Q3 毛利率63.89%，同比-3.17pct，预计与国内市场需求承压及部分产品价格下降相关，后 续国内市场毛利率有望逐步稳定，同时海外市场随着规模提升及生产成本优化毛利率有望逐步提升。 坚持创新驱动，研发成果不断涌现。公司前三季度研发投入1.34亿元，同比+19.95%。三臂 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][12]. Core Insights - The company reported a revenue of 2.381 billion yuan for the first three quarters of 2025, representing an 18% year-on-year increase, with a net profit attributable to shareholders of 509 million yuan, up 13% year-on-year [2]. - The company has shown stable revenue growth, although profit growth has been slightly slower due to a decline in gross margin, which was 63.89% in Q3 2025, down 3.17 percentage points year-on-year [2]. - R&D investment for the first three quarters of 2025 reached 134 million yuan, a 19.95% increase year-on-year, with several innovative products entering the market approval stage [3]. - The company is progressing with its overseas production and acquisition strategy, with a manufacturing center in Thailand expected to commence operations by the end of the year [3]. - Profit forecasts for 2025-2027 indicate net profits of 645 million, 820 million, and 1.007 billion yuan, reflecting growth rates of 17%, 27%, and 23% respectively [3]. Summary by Sections Performance Overview - For Q3 2025, the company achieved a revenue of 815 million yuan, a 20% increase year-on-year, with a net profit of 146 million yuan, up 4% year-on-year [2]. Operational Analysis - The company’s revenue continues to grow steadily, but the profit growth rate is slightly lagging due to a decrease in gross margin, which is expected to stabilize in the domestic market while improving in overseas markets [2]. Research and Development - The company’s R&D expenditure for the first three quarters of 2025 was 134 million yuan, marking a 19.95% increase year-on-year, with several innovative products making progress towards market entry [3]. Strategic Initiatives - The acquisition of a 51% stake in Creo Medical S.L.U. in Spain has been completed, facilitating the company’s expansion into the European market [3]. - The construction of the manufacturing center in Thailand is on track for completion by the end of the year, enhancing the global supply chain [3]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 645 million, 820 million, and 1.007 billion yuan, with corresponding P/E ratios of 25, 20, and 16 [3].