Investment Rating - The investment rating for the company is "Buy" and it is maintained [1] Core Views - The company achieved a revenue of 1.015 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 4.66%. However, the net profit attributable to the parent company decreased by 22.46% to 429 million yuan [4] - In Q3 2025, the company reported a revenue of 300 million yuan, a significant year-on-year increase of 64.68%, while the net profit attributable to the parent company fell by 23.63% to 114 million yuan [4] - The company's gross margin improved quarter-on-quarter due to enhanced production efficiency and reduced material costs, with expectations for the annual gross margin to recover to over 70% [5] - The overseas business is projected to grow by over 60% for the year, with strong clinical recognition of products in Europe, South America, and the Asia-Pacific region [6] Financial Performance - Revenue forecasts for 2025-2027 are 1.518 billion yuan, 1.839 billion yuan, and 2.205 billion yuan, with year-on-year growth rates of 25.85%, 21.16%, and 19.87% respectively. Net profit attributable to the parent company is expected to be 597 million yuan, 705 million yuan, and 843 million yuan for the same period, with growth rates of 18.86%, 18.14%, and 19.62% respectively [7] - The company's PE ratios for 2025-2027 are projected to be 19.87, 16.82, and 14.06, while PEG ratios are expected to be 1.05, 0.93, and 0.72 [7]