核心观点 简评 Q3 业绩符合预期，海外市场高增长，利润波动与费用增加有关2025 年前三季度，公司营收、归母净利 润、扣非归母净利润分别为8.08、1.80、1.40 亿元，分别同比增长34.24%、43.87%和63.41%；2025Q3 营收、归母净利润和扣非归母净利润分别为2.64、0.49 和0.40 亿元，分别同比增长20.22%、48.61%和 112.64%，环比增速分别为-5.09%、-18.09%、+3.21%，业绩符合预期。25Q3 利润增速高于收入增速， 主要系毛利率提升和费用率下降所致。 Q3 业绩符合预期，海外市场高增长，利润波动与费用增加有关。 展望Q4，公司收入有望加速增长，利润在低基数下有望实现高增长。 公司无降噪棉呼吸机新品自7 月开始已经批量进入美国市场， 四季度有望加速放量；在欧洲市场，公司 已基本完成云平台建设，通过本土化运营策略，公司产品开始进入主流医保市场；在国内市场，公司9 月底启动线上经销向直销模式切换，第三季度处于模式转换初期，预计第四季度新模式开始增厚业绩。 事件 公司发布2025 年三季报 2025 年前三季度，公司营收、归母净利润、扣非归母净利润分别为 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has shown continuous improvement in revenue quarter-on-quarter, with significant growth in the US and European markets. The inventory destocking cycle in the US has ended, and the European market has begun to enter mainstream medical insurance markets. Domestic market adjustments are showing initial results, leading to dual growth in revenue and profit in Q2 2025 [2][4] - The company’s new noise-reducing cotton ventilator has been launched in the US market, with expectations for increased volume in the second half of the year. The company is deepening its localization strategy overseas, enhancing its global competitiveness [2][3] Financial Performance - In H1 2025, the company achieved operating revenue of 544 million yuan, a year-on-year increase of 42.30%, and a net profit attributable to the parent company of 131 million yuan, also up 42.19%. In Q2 2025, revenue reached 279 million yuan, growing 46.54% year-on-year, with a net profit of 59.41 million yuan, up 39.92% [1][4] - The company’s gross margin in Q2 2025 was 54.64%, an increase of 2.98 percentage points year-on-year. The sales expense ratio decreased by 1.82 percentage points to 12.75%, while the management expense ratio fell by 3.20 percentage points to 6.65% [2] Business Segments - The company’s main business lines showed strong growth in H1 2025: - Home respiratory therapy products generated revenue of 349 million yuan, up 51.49% year-on-year, with a gross margin of 45.02% - Consumables generated revenue of 178 million yuan, up 30.26%, with a gross margin of 65.83% - Medical products generated revenue of 16.56 million yuan, up 12.96%, with a gross margin of 55.77% [3] - Domestic revenue reached 191 million yuan in H1 2025, a year-on-year increase of 16.87%, while overseas revenue was 353 million yuan, up 61.33% [4] Market Outlook - The company is expected to see revenue growth of 27.7%, 22.6%, and 21.2% for the years 2025, 2026, and 2027, respectively, with net profits projected to grow by 76.0%, 31.5%, and 23.0% in the same years [4]