Core Insights - The company reported revenue of 2.381 billion yuan (+18.29% YoY) and a net profit of 509 million yuan (+12.90% YoY) for the first three quarters of 2025, aligning with expectations [1] - The company is experiencing stable revenue performance in Q3 2025, with a quarterly revenue of 815 million yuan (+20.12% YoY), despite short-term disruptions from centralized procurement in regions like Heilongjiang [1] - The company is enhancing its overseas localization efforts and expects significant contributions from the acquisition of CME, with the Thai manufacturing center expected to commence production by year-end [1] Revenue and Profitability - The gross margin for the first three quarters of 2025 was 64.5% (-3.1 percentage points YoY), primarily due to intensified competition from centralized procurement and price reductions on certain products [1] - The net profit margin for the same period was 21.4% (-1.0 percentage point YoY), supported by steady overseas business development and cost-reduction initiatives [1] Innovation and R&D - R&D expenses accounted for 5.6% of revenue during the first three quarters of 2025, remaining stable YoY, indicating a commitment to innovation and product development [2] - The company is expected to see steady growth in the sales of its visualization products and anticipates the interventional oncology sector to become a key growth area in the future [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged, with corresponding P/E ratios of 23x and 19x [3] - The target price is maintained at 102.0 yuan, representing a 17% upside, with target P/E ratios of 26x and 22x for 2025 and 2026 respectively [3]