Core Viewpoint - Samsung Medical reported a decline in Q3 revenue and net profit, primarily due to slow domestic order deliveries and low-margin overseas orders, but expects recovery in gross margins and prices with upcoming tenders [1][2]. Financial Performance - Q3 revenue reached 3.108 billion yuan, down 9.56% year-on-year and 28.42% quarter-on-quarter; net profit attributable to shareholders was 298 million yuan, up 55.22% year-on-year and down 59.74% quarter-on-quarter [1]. - For the first three quarters of 2025, revenue was 11.08 billion yuan, up 6.19% year-on-year; net profit was 1.528 billion yuan, down 15.85% year-on-year, with a gross margin of 28.46%, down 7.74 percentage points [2]. Order Backlog and Market Expansion - As of Q3 2025, the total order backlog reached 17.914 billion yuan, up 14.69% year-on-year, with overseas distribution orders at 2.169 billion yuan, up 125.45% [2]. - The company is focusing on expanding its presence in Europe, the Middle East, and Latin America, achieving initial orders in several countries, including Hungary and Romania [2]. Business Development - The company maintains a leading position in domestic network business and is actively expanding its customer base outside the network, targeting large clients in the renewable energy sector and new market segments [3]. Profit Forecast and Valuation - The company has adjusted its net profit forecasts for 2025-2027 downwards by 16.23%, 15.21%, and 10.60% respectively, with expected net profits of 2.261 billion, 2.765 billion, and 3.491 billion yuan [4]. - The target price is set at 28.32 yuan, maintaining a "buy" rating based on adjusted earnings multiples [4].