中邮证券研报指出，维力医疗2025年前三季度实现归属于母公司所有者的净利润1.92亿元，同比增长 14.94%；Q3实现归属于母公司所有者的净利润0.71亿元，同比增长16.31%。印尼工厂投产在即，公司 高毛利产品的收入占比逐年提升。目前公司印尼工厂正处于建设及产品前期认证阶段，预计将在2026年 第一季度末开始逐步出货。随着公司海外大客户定制化项目的不断落地，海外业务产品结构不断优化， 高毛利产品占比不断提升，带动公司海外业务综合毛利率不断提升。我们预计随着新产品的不断上市， 未来公司产品结构和业务结构都将进一步优化，公司高毛利产品的占比有望持续提升。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [2][13]. Core Insights - The company achieved a revenue of 1.11 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 12.33%. The net profit attributable to the parent company was 192 million yuan, up 14.94% year-on-year [4]. - The company is set to begin shipments from its Indonesian factory by the end of Q1 2026, which is expected to significantly boost export orders, particularly for high-margin products [5]. - The proportion of high-margin products in the company's revenue has exceeded 20% and is expected to continue increasing due to enhanced overseas sales efforts and the introduction of new products [5]. Financial Performance - For 2025, the company forecasts revenues of 1.72 billion yuan, 2.02 billion yuan in 2026, and 2.34 billion yuan in 2027, with year-on-year growth rates of 14.09%, 17.36%, and 15.54% respectively [6]. - The net profit attributable to the parent company is projected to be 259 million yuan in 2025, 315 million yuan in 2026, and 374 million yuan in 2027, with corresponding growth rates of 18.25%, 21.38%, and 18.85% [6]. - The company's price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated to be 15.87, 13.08, and 11.00 respectively, indicating a favorable valuation trend [6]. Business Strategy - The company has intensified its overseas expansion efforts, particularly in the urology product segment, which has shown significant growth in export revenues over the past two years [5]. - The Indonesian factory's initial capacity will primarily serve major clients in the U.S., focusing on the production of urinary catheters and suction connection tubes, with plans to expand into anesthesia products based on market demand [5].