投资建议：维持"买入"评级 我们预计公司2025-2027 年营业收入有望分别实现3.74/4.99/6.60 亿元，同比增长34.5%/33.3%/32.3%；归 母净利润分别实现1.10/1.57/2.30 亿元，同比增长39.6%/42.5%/46.8%；对应EPS 为1.64/2.34/3.43 元；对 应PE倍数为45/31/21X。维持"买入"评级。 点评： 业绩延续高增，新产品国内外协同放量驱动成长2025 年三季度公司业绩表现亮眼，延续高增长态势。 分产品看，前三季度公司各业务线稳健发展：1）人工硬脑（脊）膜补片业务 实现平稳增长，在集采影 响出清后业务企稳；2）PEEK 颅颌面修补材料在集采后依然实现稳健增长，对钛金属的替代逻辑持续 得到验证；3）可吸收止血纱、硬脑膜医用胶两大新产品放量迅猛，成为核心增长引擎，主要得益于止 血纱于25 年初拓展至普外科适应症，以及25Q1 硬脑膜医用胶获批欧盟注册证（MDR），因此新产品国 内海外协同增长。盈利能力方面，25Q1-3 毛利率提升至80.87%，同期增长2.65pct，主要系高毛利的脑 膜胶及止血纱等新产品收入占比提升所致。 事件： 并购易介医 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company has demonstrated strong revenue growth, with a 30.53% increase in revenue to 249 million yuan and a 43.65% increase in net profit to 76 million yuan for the first three quarters of 2025 [6] - New products are driving growth both domestically and internationally, particularly the absorbable hemostatic gauze and dura mater medical glue, which have seen rapid market expansion [6] - The acquisition of Easy Medical Technology positions the company in the high-potential neuro-intervention sector, creating a comprehensive solution for brain diseases and potentially unlocking long-term growth [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 249 million yuan (+30.53%) and net profit of 76 million yuan (+43.65%) [6] - The gross margin improved to 80.87%, an increase of 2.65 percentage points, driven by the higher revenue share from new high-margin products [6] - Forecasted revenues for 2025-2027 are expected to be 374 million yuan, 499 million yuan, and 660 million yuan, representing year-on-year growth rates of 34.5%, 33.3%, and 32.3% respectively [7][11] Strategic Developments - The company is actively pursuing strategic acquisitions and partnerships to enhance its product offerings and market reach, including the acquisition of Easy Medical Technology [7] - The company plans to expand its product matrix by including continuous glucose monitoring systems, with an estimated procurement amount of 21.5 million yuan [7]