Investment Rating - Maintain Outperform rating with a target price of RMB 122.06, reflecting a target PE of 25X for 2025 [4][12]. Core Insights - The company faced short-term pressure on performance due to aortic stent price adjustments, but its competitive edge in the aortic field remains strong, with ongoing expansion in peripheral and tumor intervention sectors [1][4]. - Revenue for the first three quarters of 2025 reached RMB 1.02 billion, with a net profit attributable to shareholders of RMB 429 million, marking a 60% year-over-year increase in net profit after excluding government subsidies and other investment income [4][12]. - The company has established a significant domestic market presence, with products entering nearly 2900 hospitals across 31 provinces and regions, maintaining a leading market share in aortic intervention products [4][12]. Financial Summary - Total revenue projections show a growth trajectory from RMB 1,187 million in 2023 to RMB 2,257 million by 2027, with a compound annual growth rate (CAGR) of approximately 22.3% [3][5]. - Net profit attributable to shareholders is expected to increase from RMB 492 million in 2023 to RMB 915 million in 2027, reflecting a CAGR of about 21.4% [3][5]. - The gross profit margin (GPM) is projected to recover, with Q3 2025 GPM at 73.28% and net profit margin (NPM) at 37.44%, driven by improved production efficiency and reduced material costs [4][12].