经济观察网 基于已知信息，维力医疗（603309）（股票代码：603309）在2026年有以下值得关注的事 件，主要涉及产能扩张、公司治理及政策利好等方面。以下内容基于公开资料整理，事件按时间顺序或 重要性列出。 公司项目推进 子公司发展 全资子公司狼和医疗于2025年获得高新技术企业重新认定，预计可享受税收优惠；此外，子公司海南维 力医疗的一次性使用亲水涂层可视鼻胃肠管入选海南省创新药械产品目录（第四批），将享受地方政策 支持，有助于提升市场竞争力。 公司状况 控股股东股权质押改善：控股股东高博投资于2025年12月30日提前解除2000万股质押，截至2025年12月 31日质押率降至28.25%，这一举措可能增强公司治理稳定性。 业绩预告披露：公司于2026年1月7日发布2025年全年业绩预告，预计净利润同比下滑57%-66%，主要因 子公司经营业绩下滑及商誉减值影响，后续需关注正式审计报告发布。 维力医疗的印尼工厂计划于2026年3月开启小批量试生产，并于4月正式投入生产。该工厂一期主要生产 护理类产品（如吸引连接管），设计年产能为4000万支，所有产品均供应美国大客户；二期规划涉及麻 醉类产品（如气管 ...

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].

Group 1: Report Overview - Report research object: Veli Medical, a company in the medical device industry [2][16] - Research date: October 21, 2025 [1][16] - Companies participating in the research: CITIC Futures, Yong'an Guofu, Zhongtai Medicine, Galaxy, Boyuan, etc. [2] Group 2: Core Views - From January to September 2025, the company achieved an operating revenue of 1.191 billion yuan, a year - on - year increase of 12.33%, and a net profit attributable to shareholders of the parent company of 192 million yuan, a year - on - year increase of 14.94%. The net profit after deducting non - recurring gains and losses attributable to shareholders of the parent company was 184 million yuan, a year - on - year increase of 15.22%. In Q3 2025, the company achieved an operating income of 446 million yuan, a year - on - year increase of 16.09%, a net profit attributable to shareholders of the parent company of 71 million yuan, a year - on - year increase of 16.31%, and a net profit after deducting non - recurring gains and losses attributable to shareholders of the parent company of 67 million yuan, a year - on - year increase of 13.17% [28] - The company will continue to be market - oriented, closely follow clinical needs, increase R & D investment, and accelerate the R & D of new products. It will also promote the rapid listing of more innovative products, accelerate the construction of the Indonesian factory overseas, and actively promote the overseas localization process [28] - The Indonesian factory is in the construction and pre - certification stage of products, and is expected to start shipping gradually by the end of Q1 2026. The first - phase production capacity will mainly supply large US customers, producing catheters and suction connecting tubes, and may add anesthetic products later. After the Indonesian factory is put into operation, it is expected to have a positive impact on the growth of the company's export orders [28] - The company will determine the ex - factory price of products from the overseas factory through negotiation with customers while maintaining the original product gross profit margin. It is expected that overseas production will not have a significant impact on the product gross profit margin [29] - The proportion of the company's high - margin products in overall operating income has exceeded 20% and is expected to further increase. Since 2023, the company has increased the export of urological products, and the export revenue of urological products has grown rapidly in the past two years. With the implementation of customized projects for overseas large customers, the product structure of overseas business has been optimized, and the proportion of high - margin products has increased [30] - The company's R & D products are mainly high - value - added and high - margin products. With the launch of new products, the company's product and business structure will be further optimized, and the proportion of high - margin products is expected to continue to increase [31] Group 3: Detailed Information by Section 1. Basic Research Information - Research object: Veli Medical [16] - Industry: Medical devices [16] - Reception time: October 21, 2025 [16] - Company reception personnel: Deputy General Manager and Secretary of the Board Chen Bin, Chief Financial Officer Zhu Yimin, and Securities Affairs Representative Wu Lifang [16] 2. Detailed Research Institutions - Institutions include futures brokerage companies (CITIC Futures), asset management companies (Yong'an Guofu, Mingyu Assets, etc.), other types (Zhongtai Medicine, etc.), fund management companies (Galaxy, Boyuan, etc.), insurance asset management companies (Taikang, etc.), and investment companies (Shenzhen Guoyin Capital, Zhuhai Shangshi, etc.) [17] 3. Research Institution Proportion - No relevant content provided 4. Main Content Materials - 2025 Q3 operating results: As mentioned above, showing growth in revenue and profit [28] - Indonesian factory: Construction progress, product supply, and expected impact on export orders and gross profit margin [28][29] - High - margin products: Current proportion, growth trends, and future expectations [30][31]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company has shown steady revenue growth, with a 2024 revenue of 1.509 billion yuan, representing an 8.76% year-on-year increase, and a net profit of 219 million yuan, up 13.98% year-on-year. The first quarter of 2025 also reflects positive growth, with revenue of 348 million yuan, a 12.60% increase year-on-year, and a net profit of 59 million yuan, up 17.25% year-on-year [1][2][3] Summary by Sections Financial Performance - In 2024, the domestic market faced short-term pressure due to policy disruptions, resulting in domestic sales revenue of 683 million yuan, a decrease of 5.39% year-on-year. However, overseas sales revenue reached 797 million yuan, an increase of 23.74% year-on-year, as inventory issues with major North American clients were resolved [2][3] - The company's gross margin for 2024 was 44.53%, with a decrease of 1.36 percentage points year-on-year. The selling expense ratio was 10.48%, down 0.93 percentage points, while the management expense ratio was 8.61%, down 1.02 percentage points [2] Growth Drivers - The company is accelerating its overseas localization strategy, with plans for a production base in Mexico and a second base in Southeast Asia by 2025. This will enhance its global service capabilities and meet international market demands [3] - The nursing segment has shown significant growth, with overseas sales of urology products increasing by 150% year-on-year, driven by the launch of new products [3] Future Projections - Revenue projections for 2025-2027 are 1.751 billion yuan, 2.052 billion yuan, and 2.414 billion yuan, respectively, with year-on-year growth rates of 16.0%, 17.2%, and 17.7%. Net profit forecasts for the same period are 264 million yuan, 318 million yuan, and 383 million yuan, with growth rates of 20.1%, 20.7%, and 20.6% [3][4]