金域医学(603882.SS)：业绩回顾：3Q26收入不及预期但净利润超预期，目标价下调至35元，维持买入

3Q26 revenue remained under pressure at Kingmed, missing GSe, driven by lower testing prices, weak routine testing demand at lower-tier hospitals, the company's proactive exit from low-margin businesses and a high base from one-off COVID-related revenue in 3Q25; excluding that impact, management indicated 3Q26 revenue returned to positive growth. Business mix and profitability continued to improve on strong high-value esoteric testing and laboratory collaboration projects, with tier-3 hospitals contributing a larger share of revenue, while 3Q26 net profit beat GSe and gross margin expanded on cost optimization, favorable mix shift and reversal of prior AR impairments. Management estimates the latest medical testing fee reforms imply an approximately 5% reduction in overall testing prices on a static basis, to be mitigated through cost sharing with upstream suppliers, portfolio optimization, more disciplined customer-level discount management and improved laboratory efficiency, with the