（编辑 楚丽君） 证券日报网讯 1月7日，新产业在互动平台回答投资者提问时表示，根据国内医院诊疗结构数据，三级 医院占据了超半数的医院诊疗人次，同时也是体外诊断产品的重要终端用户，因此随着公司超高速发光 仪器MAGLUMI X8、MAGLUMI X10和SATLARS T8 流水线产品获得终端的认可，公司将持续加大对 三级医院等中大型终端的开拓和渗透，提升单机产出。同时，为开拓二级及以下医疗终端市场，公司通 过开发更具性价比的产品MAGLUMI X3和MAGLUMI X6化学发光分析仪器，来满足中小终端对高质 量、高性价比和优质售后服务的化学发光免疫诊断产品的需求，降低医疗终端开支。在海外市场，随着 SNIBE 品牌影响力的持续扩大，中大型机销售占比的持续提升，该比例已由2023年的57%、2024年的 67%，进一步提升至2025年前三季度的76%。未来，公司将更加聚焦于大型机及流水线在全球高端终端 的拓展，推动大样本量客户成为公司持续增长的核心引擎。公司在国内和海外免疫诊断市场领域的市占 率仍处于相对较低水平，这意味着公司在国内外市场仍存在广阔的增长空间。 ...

有投资者在互动平台向新产业提问："尊敬的董秘，您好！请问贵司目前客户拓展的方向，主要是大型 医院？中小医院？还是基层医院？贵司的高端设备产品是否适用于中小医院和基层医院？另外在国外， 譬如东南亚或中东等等贵司已开展业务的区域，哪种规模的医院新增增速更快？当前的国内和国际市场 对于贵司来说，是属于成长期？还是成熟期？谢谢！" 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 针对上述提问，新产业回应称："您好，根据国内医院诊疗结构数据，三级医院占据了超半数的医院诊 疗人次，同时也是体外诊断产品的重要终端用户，因此随着公司超高速发光仪器MAGLUMI X8、 MAGLUMI X10和SATLARS T8 流水线产品获得终端的认可，公司将持续加大对三级医院等中大型终端 的开拓和渗透，提升单机产出。同时，为开拓二级及以下医疗终端市场，公司通过开发更具性价比的产 品MAGLUMI X3和MAGLUMI X6化学发光分析仪器，来满足中小终端对高质量、高性价比和优质售后 服务的化学发光免疫诊断产品的需求，降低医疗终端开支。在海外市场，随着 SNIBE 品牌影响力的持 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][8]. Core Views - The company's Q3 performance shows gradual improvement, with domestic market recovery and enhanced overseas profitability [4][5]. - Domestic revenue for the first three quarters of 2025 reached 1.955 billion yuan, a year-on-year decrease of 11%, primarily due to centralized procurement and the unbundling of testing packages [4]. - The overseas market demonstrated strong performance, with revenue of 1.467 billion yuan, a year-on-year increase of 21%, driven by a 37% increase in reagent sales [5]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 3.428 billion yuan, a year-on-year increase of 0.39%, and a net profit of 1.205 billion yuan, a year-on-year decrease of 12.92% [3]. - Q3 revenue was 1.243 billion yuan, up 3.28% year-on-year, with a net profit of 434 million yuan, down 9.72% year-on-year [3]. Domestic Market Insights - The domestic market is gradually bottoming out, with significant results from the large customer strategy [4]. - The company installed 1,144 units of luminous equipment in the domestic market, with large machines accounting for 78% of the total, indicating an improved installation structure compared to the same period in 2024 [4]. Overseas Market Insights - The overseas business is performing well, with reagent sales significantly increasing and gross profit margins improving to 69.49%, surpassing domestic levels [5]. - The company sold 2,631 units of luminous instruments overseas, with mid-to-large size instruments making up 76% of sales [5]. Financial Projections - Revenue projections for 2025-2027 are adjusted to 2.25 yuan, 2.75 yuan, and 3.36 yuan for EPS, reflecting a downward revision due to policy pressures [8]. - The company continues to focus on the in-vitro diagnostic field, expanding both domestic and overseas markets, which is expected to drive growth [8]. Key Financial Ratios - The company’s gross margin for Q3 was 69.24%, slightly improved from the first half of the year, primarily due to enhanced overseas margins [8]. - The sales expense ratio was 16.86%, and the R&D expense ratio was 10.86%, indicating ongoing investment in academic promotion and product development [8].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 82 yuan [2][6]. Core Insights - The company's domestic business is experiencing temporary pressure, while overseas growth remains robust. In H1 2025, the company reported a revenue of 2.185 billion yuan, a decrease of 1.18% year-on-year, and a net profit attributable to shareholders of 771 million yuan, down 14.62% year-on-year [2][6]. - The overseas business saw a significant increase, with revenue reaching 952 million yuan in H1 2025, representing a year-on-year growth of 19.57% [6]. - The company is enhancing its high-end product matrix, with the flagship model MAGLUMIX10 achieving domestic product registration and a testing speed of 1,000 tests per hour, improving its competitive edge in the market [6]. Financial Performance Summary - **Revenue Forecasts**: - Total revenue is projected to grow from 4.535 billion yuan in 2024 to 6.633 billion yuan in 2027, with year-on-year growth rates of 15.4%, 7.4%, 15.9%, and 17.5% respectively [2][7]. - **Net Profit Forecasts**: - Net profit attributable to shareholders is expected to increase from 1.828 billion yuan in 2024 to 2.585 billion yuan in 2027, with growth rates of 10.6%, 1.5%, 16.5%, and 19.6% respectively [2][7]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 2.33 yuan in 2024 to 3.29 yuan in 2027 [2][7]. - **Valuation Ratios**: - The price-to-earnings (P/E) ratio is projected to decrease from 29 times in 2024 to 21 times in 2027, while the price-to-book (P/B) ratio is expected to decline from 6.3 times to 4.5 times over the same period [2][7]. Market Position and Strategy - The company has successfully expanded its customer base, with 1,835 tertiary hospitals served by the end of H1 2025, achieving a coverage rate of 47.60% [6]. - The sales of high-end models in overseas markets have increased, with 1,971 units of the chemical luminescence immunoassay analyzer sold in H1 2025, and the proportion of mid-to-high-end models reaching 77.02% [6].