乐普医疗_业绩回顾_2025 年三季度营收不及预期但净利润符合预期；目标价上调至 19 元人民币；买入

27 October 2025 | 1:10PM CST Equity Research Lepu (300003.SZ): Earnings review: 3Q25 sales missed while NP in line; TP up to Rmb19; Buy Lepu released its 3Q25 results on Oct 24, 2025. Its revenue (Rmb1,569mn, +12% yoy) missed GSe (Rmb1,937mn) due to softer sales of its pharmaceutical business (+53% yoy vs GSe +70%). However, as the company's selling expense ratio was lower than GSe (17.3% vs GSe 21.6%), the company's net profit (Rmb291mn, +176% yoy) was in line with GSe (Rmb277mn). The company highlighted i ...