Investment Rating - The report maintains a "Strong Buy" rating for the company [4] Core Views - The company reported a revenue of 1.867 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 22.47%, with a net profit attributable to shareholders of 623 million yuan, up 18.02% year-on-year [1] - The third quarter revenue reached 654 million yuan, showing a year-on-year increase of 24.77%, while the net profit attributable to shareholders was 198 million yuan, growing 6.77% year-on-year [1] - The company is increasing its investment in the electrophysiology business, with expectations for rapid growth in PFA procedures and improvements in product offerings [7] - The market share in vascular intervention is steadily increasing, driven by new product iterations and a focus on enhancing existing product lines [7] - The gross margin remains stable, although profit growth in Q3 has slowed due to increased investments [7] - Revenue forecasts for 2025-2027 are adjusted to 2.561 billion, 3.339 billion, and 4.350 billion yuan, with corresponding net profits of 836 million, 1.057 billion, and 1.380 billion yuan, reflecting growth rates of 24%, 26%, and 31% respectively [7] Financial Data and Valuation - Total revenue for 2023 is projected at 1.650 billion yuan, with a year-on-year growth of 36% [3] - The company’s PE ratio is expected to decrease from 75.3 in 2023 to 29.1 by 2027, indicating improving valuation metrics [10] - The company’s ROE is projected to remain strong at around 29% over the forecast period [10] - The gross margin is expected to improve slightly from 71.3% in 2023 to 73.7% by 2027 [10] Stock Performance - The stock has shown a relative performance of -10% over the past month and a 24% increase over the past year [6]

Core Viewpoint - The company, Anglikang (002940), reported stable sales for its product Zuo Yi and is actively monitoring the upcoming round of centralized procurement after the current cycle ends at the end of this year [1] Group 1 - Anglikang announced on October 30 that the sales situation for Zuo Yi is currently stable [1] - The eighth batch of centralized procurement will conclude by the end of this year [1] - The company will continue to pay close attention to the situation regarding the renewal of centralized procurement contracts in the future [1]