2. 公司持续加大研发投入，丰富产品矩阵，推进国内外获证。25Q1-3，公司研发支出2.55 亿元，占营 收的13.7%，一方面持续加大电生理产品线的研发投入，重点推进PFA 消融导管的临床适应症扩展，及 下一代消融设备的开发，此外还有血管介入领域的TIPS 覆膜支架、冲击波球囊等新产品，以及通用技 术的创新升级，赋能制造力的提升；另一方面，推进产品的海外取证上市，截至三季度，公司已实现三 维电生理系统及PFA 消融方案于印度尼西亚的全线产品注册，并成功实施多例房颤手术，三维标测系 统及RFA/PFA 消融方案的CE 获证也在有序推进、有望分别于26Q2 和27Q2 获批，此外，巴西、俄罗斯 等重点区域亦有望于2026 年内完成注册，冠脉、外周及非血管介入领域的多款产品也陆续在亚太、拉 美等重点国家获证，不断丰富公司在海外市场的业绩增长驱动力。 盈利预测：我们预计公司2025-2027 年营收分别为26.04、33.08、41.97亿元，同比增速分别为26.06%、 27.02%、26.87%，归母净利润分别为8.56、10.96、13.98 亿元，同比增速分别为27.16%、28.05%、 27.55%，对 ...

Core Viewpoint - The company has identified three high-potential business areas: minimally invasive surgery, animal healthcare, and cardiovascular, which collectively generated over 4 billion yuan in revenue last year, accounting for more than 10% of total revenue, with growth rates exceeding 25% [1][2][3] Minimally Invasive Surgery - The minimally invasive surgery segment has achieved over 10% market share within a few years, ranking just behind two imported brands, with a significant market potential exceeding 20 billion yuan [1] - The core products, ultrasonic scalpel and endoscopic stapler, have a combined market capacity exceeding 11 billion yuan, with a high concentration of market share among two imported brands [1] - The company is actively participating in multiple procurement projects and is investing in building a professional sales team to accelerate business growth [1] Animal Healthcare - The animal healthcare sector has seen significant development due to increased R&D investment, now offering a complete digital solution and achieving over 80% of international revenue from high-end pet hospitals [2] - The company plans to enhance its product portfolio in animal healthcare based on successful technology accumulation from human products to further penetrate the overseas high-end pet hospital market [2] Cardiovascular - The company is collaborating with Huatai Medical to improve operational efficiency while maintaining Huatai's independence, with a focus on enhancing the three-dimensional electrophysiology system's core competencies [2] - The establishment of the electrophysiology division has been completed, and the company is leveraging its R&D capabilities to support Huatai in clinical applications for atrial fibrillation [2] Industry Outlook - Despite short-term challenges in the industry, the company is expected to return to a growth trajectory through rapid development of high-potential businesses, AI technology upgrades, and international strategies [3] - The company anticipates a turning point in the domestic market in the third quarter and aims to solidify its leading position in the global medical device sector [3]