证 券 研 究 报 告 可孚医疗（301087）2025 年三季报点评 推荐（维持） 核心品类表现亮眼，业务出海加速推进 目标价：56 元 事项： 公司发布 25 年三季报。25Q1-3，营业收入 23.98 亿元（+6.63%），归母净利润 2.60 亿元（+3.30%），扣非净利润 2.22 亿元（+1.46%）。25Q3，营业收入 9.02 亿元（+30.72%），归母净利润 0.93 亿元（+38.68%），扣非净利润 0.86 亿元 （+62.68%）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,983 | 3,346 | 3,890 | 4,556 | | 同比增速(%) | 4.5% | 12.2% | 16.2% | 17.1% | | 归母净利润(百万) | 312 | 375 | 452 | 543 | | 同比增速(%) | 22.6% | 20.2% | 20.5% | 20.2% | | 每股 ...

"疫情期间，呼吸机是救命的机器，一时间需求量大增，江苏省的医疗设备企业鱼跃医疗加班加点 生产。"江苏集萃集成电路应用技术创新中心（以下简称"创新中心"）副主任戚运东说，"当时生产的呼 吸机用表压和压差传感器芯片是进口的美国霍尼韦尔芯片，由于供应链不畅，生产一度陷入停滞。" 戚运东指着展示台上的芯片说："当这个问题汇报到江苏省政府后，为了协调解决供应链问题，就 找了我们创新中心。"临危受命下，创新中心联合江苏省产业技术研究院、鱼跃医疗、省卫健委、省药 监局等单位，组织产业链资源，设立专项组，经过1年多攻关，最终实现了满足呼吸机用表压和差压传 感器芯片的研发，形成可量产的芯片产品和整机样机。"医疗器械核心器械的更换要通过认证，没有一 两年搞不定。但是在国家的大力支持下，这个问题几个月就搞定了，目前呼吸机中相当一部分芯片都是 国产的。"戚运东满是自豪地向记者介绍。 这只是众多项目研发生产的故事之一。这个坐落在无锡市西山区的创新中心由江苏省产业技术研究 院、无锡市人民政府、锡山经济技术开发区共建，承担着整合创新资源、牵引应用需求、提升产业能级 的职责。创新中心在组织架构上大胆探索，构建独特的混合所有制运作体系。将团队 ...

序号股票简称PE(TTM)PE(静)市净率总市值(元)13鱼跃医疗20.5819.832.65358.08亿行业平均 52.1952.084.44109.78亿行业中值40.1437.372.7954.98亿1九安医疗10.2111.560.87192.85亿2康德莱 15.2317.241.3937.13亿3英科医疗15.4517.951.45263.10亿4奥美医疗15.5519.081.8970.36亿5维力医疗 15.7817.571.9938.56亿6安杰思17.2416.041.8947.05亿7新华医疗17.7313.041.1490.21亿8山东药玻 17.7414.391.67135.71亿9奥泰生物17.7717.311.3452.37亿10九强生物18.1714.732.0578.45亿11安图生物 19.3017.742.42211.88亿12三鑫医疗19.6921.173.4948.14亿 来源：市场资讯 股东方面，截至2025年11月10日，鱼跃医疗股东户数50000户，较上次减少2003户，户均持股市值35.28 万元，户均持股数量2.76万股。 江苏鱼跃医疗设备股份有限公司的主 ...

Core Insights - The company is focusing on chronic disease management solutions driven by the increasing demand due to an aging population and the need for long-term health maintenance [1] - The new solution integrates wearable sensors and AI algorithms for continuous monitoring of patients' vital signs, addressing the "data vacuum" in traditional healthcare [1] - The aim is to create a seamless, integrated management system that connects hospitals, primary care, and home care, enhancing patient compliance and quality of life while optimizing healthcare resource allocation [1] Company Developments - The company is developing a new chronic disease management solution that utilizes wearable devices to collect real-time physiological data, which is then analyzed using AI for risk assessment and personalized intervention [1] - The solution extends the company's existing monitoring capabilities from hospitals to primary care and home settings, creating a comprehensive patient journey solution [1] - The company is also exploring applications in respiratory rehabilitation and home care within the respiratory treatment sector [1] Financial Performance - For the period from January to September 2025, the company reported revenue of 25.834 billion yuan, a year-on-year decrease of 12.38% [1] - The net profit attributable to shareholders was 7.570 billion yuan, reflecting a year-on-year decline of 28.83% [1]

Core Viewpoint - Philips has transitioned from a manufacturing powerhouse to a brand that primarily licenses its name, leading to a decline in its reputation and product quality [1][3][5]. Group 1: Historical Context - Founded in 1891, Philips was once a leader in innovation, producing Europe's first commercial light bulb and defining standards in audio technology [3]. - The company has a rich history of manufacturing and engineering excellence, symbolizing reliability and craftsmanship [5]. Group 2: Business Strategy Shift - Philips has shifted its focus from manufacturing to branding, selling off various product lines and relying on licensing fees for revenue [5][7]. - The company has divested from key sectors, including televisions, mobile phones, and lighting, and now primarily earns from trademark licensing [5][7]. Group 3: Financial Performance - In 2024, Philips expects trademark licensing revenue to reach €419 million, accounting for 3.4% of total revenue, indicating a reliance on brand recognition rather than innovation [7]. - The brand's trust is diminishing due to quality issues with licensed products, leading to potential long-term financial risks [7]. Group 4: Product Quality and Consumer Perception - Quality control has become a significant issue, with reports of licensed products failing, which tarnishes the Philips brand reputation [7][9]. - Consumers are increasingly recognizing that Philips-branded products may not differ significantly from cheaper alternatives, threatening the brand's market position [11][13]. Group 5: Future Outlook - Philips is now betting heavily on its healthcare segment, which has higher profit margins and barriers to entry, but past issues, such as a major recall, have raised concerns about its stability [9]. - The company's current strategy of focusing on licensing rather than manufacturing is seen as a sign of laziness rather than smart business [11][13].

Core Viewpoint - Yuyue Medical is facing significant challenges in achieving its ambitious five-year targets of 10 billion in revenue and 100 billion in market value, as evidenced by its latest financial report showing a decline in net profit despite revenue growth [1] Group 1: Financial Performance - In the first three quarters of 2025, Yuyue Medical reported revenue of 6.545 billion, an increase of 8.58% year-on-year, but net profit decreased by 4.28% to 1.466 billion [1] - The third quarter saw a dramatic 36% year-on-year drop in net profit, indicating a "revenue without profit" situation [1] Group 2: Expansion Aftermath - Since its listing in 2008, Yuyue Medical has engaged in numerous acquisitions, resulting in a significant increase in goodwill from 806 million in 2020 to 1.107 billion in 2023, with a slight decrease expected in 2024 [2] - The company has faced nearly 100 million in goodwill and credit impairment losses in 2023 and 2024 [2] - Sales expenses surged to 1.233 billion in the first three quarters of 2025, a 33.15% increase year-on-year, significantly outpacing revenue growth [2] Group 3: Industry Competition and Trust Issues - The home medical device sector is experiencing intensified price competition, with foreign brands penetrating the mid-to-low-end market and domestic companies accelerating technological advancements [3] - Yuyue Medical has faced compliance issues, including a 2.7 million fine for price gouging during the pandemic and the loss of a military procurement pre-bid qualification due to violations [3] - Customer complaints regarding product quality and service have exceeded 500, damaging the brand's reputation [3] Group 4: Transformation Efforts - To address growth challenges, Yuyue Medical is focusing on transformation by increasing investment in new products and integrating AI into its offerings [4] - Despite these efforts, the company's net profit excluding non-recurring items fell by 8.21% year-on-year in the first three quarters of 2025, indicating ongoing weakness in core business profitability [4] - Government subsidies and investment income have become crucial for supporting profits, highlighting the sluggish growth of the main business [4] Conclusion - Yuyue Medical's ambitious targets appear increasingly distant due to accumulated goodwill risks, rising sales expenses, fierce industry competition, and frequent compliance disputes [5] - The success of AI and new products as potential solutions will depend on the company's ability to balance profitability, product trust, and strategic execution [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company reported a revenue of 2.398 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 6.63%. The net profit attributable to the parent company was 260 million yuan, up 3.30% year-on-year [4][5] - The gross margin reached a historical high of 54.79% in Q3 2025, with a net profit margin of 10.30%, indicating improved profitability [5] - The company's respiratory machine business is expected to become a major product line, with significant sales growth since June 2025 due to strong consumer recognition and a comprehensive sales strategy [5] - The company is strategically investing in cutting-edge fields such as brain-machine interfaces, which could enhance its capabilities in hearing rehabilitation and intelligent assistive devices [6] Financial Performance - Revenue projections for 2025-2027 are 3.361 billion yuan, 3.846 billion yuan, and 4.377 billion yuan, with year-on-year growth rates of 12.66%, 14.45%, and 13.79% respectively. Net profit attributable to the parent company is expected to be 381 million yuan, 474 million yuan, and 561 million yuan, with growth rates of 22.09%, 24.57%, and 18.34% respectively [7][9] - The company’s PE ratios for 2025-2027 are projected to be 23 times, 19 times, and 16 times [7]

Core Viewpoint - Mindray Medical is pursuing an H-share listing in Hong Kong to enhance its global strategy and capitalize on international market opportunities, aligning with China's "14th Five-Year Plan" for high-level openness and innovation in medical devices [1][2][3] Group 1: Listing Strategy - The primary goal of the Hong Kong listing is to establish an international capital platform to support the company's globalization strategy, rather than merely raising funds [2] - Mindray aims for international market revenue to account for 70% of total income, with domestic revenue at 30%, indicating a shift towards a more balanced international revenue structure [2][3] - The company has a strong financial position, with cash reserves of 17.13 billion yuan as of September 2025, and has maintained a high dividend payout ratio since its A-share listing in 2018 [1] Group 2: Global Market Position - Mindray Medical is currently among the top 30 global medical device companies and aims to break into the top 20, with a long-term goal of reaching the top 10, necessitating annual revenues of at least 10 billion USD [3][4] - The global medical device market is approximately 4 to 5 times the size of the Chinese market, presenting significant growth opportunities [3][4] Group 3: Innovation and R&D - The company emphasizes innovation as its core driver, with over 5,000 R&D engineers and annual R&D spending exceeding 10% of revenue [5][6] - Mindray has developed a digital healthcare ecosystem integrating equipment, IT, and AI, aimed at extending quality medical resources to underserved areas [5][6] - The company is committed to addressing key healthcare challenges in China, such as accessibility and affordability, through technological advancements [6] Group 4: Future Outlook - Mindray plans to leverage its Hong Kong listing as a new starting point to deepen its domestic market presence while accelerating its global expansion [6] - The company aims to achieve a 70% international revenue share and establish itself as a leading player in the high-end manufacturing sector globally [6]

Core Viewpoint - The article highlights the role of the Yangtze River Delta Integrated Circuit Industrial Application Technology Innovation Center in Wuxi as a key driver for deep integration of technological and industrial innovation, focusing on the industrial chip sector to foster high-quality development in the integrated circuit industry in Wuxi and the Yangtze River Delta region [1]. Group 1: Resource Integration through Innovative Models - The Innovation Center, established by the Jiangsu Provincial Industrial Technology Research Institute, Wuxi Municipal Government, and Xishan Economic and Technological Development Zone, is responsible for integrating innovation resources, driving application demands, and enhancing industrial capabilities [2]. - The center has developed a unique mixed-ownership operational system that aligns individual interests with the long-term development of the institution, fostering intrinsic motivation among teams [4]. - The "VIDM" (Virtual IDM) collaborative model allows the center to avoid direct competition with industry chain enterprises, instead focusing on industrial integrated circuit application demands and creating a stable supply chain platform with independent intellectual property rights [4]. Group 2: Platform Development and Service Enhancement - In September, the center unveiled the vehicle-grade chip pilot service platform at the 2025 Integrated Circuit (Wuxi) Innovation Development Conference, providing comprehensive services for automotive chip companies [5]. - The center has established several core platforms, including a vehicle-grade chip testing platform and a full-process design capability platform, which significantly reduce R&D barriers and cash flow pressures for small and medium-sized enterprises [7]. - The full-process service system supports the maturation of market-potential technologies from inception to implementation [8]. Group 3: Technology Transformation Leading Industry Breakthroughs - The center focuses on accurately identifying and responding to the "real technical needs" of enterprises, employing a model that allows for targeted problem-solving and competitive development among multiple teams [9]. - For instance, the center successfully addressed a supply crisis for medical device chips faced by Yuyue Medical by compressing the certification process from years to months through collaborative efforts with regulatory bodies [9]. - To enhance efficiency, the center has introduced a "racehorse system" in project development, ensuring optimal solutions through competitive milestones [9].

Core Viewpoint - The company, Mindray Medical, has submitted its application for a Hong Kong IPO, aiming to enhance its global presence and innovation capabilities through the raised funds [1][4]. Group 1: IPO and Fund Utilization - The IPO will combine public offerings in Hong Kong with international placements, with the specific scale to be determined based on market conditions [1]. - The funds raised will primarily be used for increasing global R&D investment, exploring potential global mergers and acquisitions, and enhancing the global sales network and supply chain capabilities [1][4]. Group 2: Business Development and Market Position - Mindray Medical is a leading global medical device company, covering multiple product lines and holding a significant market share in various segments [2]. - The company is projected to achieve a revenue of 36.7 billion yuan in 2024, with a compound annual growth rate (CAGR) of over 18% from 2017 to 2024 [2]. Group 3: R&D and M&A Strategy - As of June 30, 2025, the company plans to invest approximately 12.8 billion yuan in R&D, with over 5,200 specialized R&D personnel and a significant number of patents filed [3]. - Mindray has actively pursued acquisitions since its A-share listing, including notable purchases of companies in Finland, Germany, and China to enhance its product offerings and supply chain [3]. Group 4: Globalization and Market Opportunities - The global medical device market is expected to grow from $456.6 billion in 2020 to $623 billion in 2024, with a CAGR of 8.1% [5]. - Mindray has established a comprehensive global network, with localized production in 11 countries and a significant international workforce, enhancing its operational resilience and market responsiveness [6]. Group 5: Competitive Position and Future Outlook - Mindray's international revenue reached 16.4 billion yuan in 2024, with over 50% of its revenue coming from international markets as of Q3 2025 [6]. - The company has improved its global ranking in the medical device industry, moving from 36th in 2020 to 23rd in 2023, indicating a positive trajectory in market competitiveness [7].