Investment Rating - The report gives a "Buy" rating for the company, with a target price of HKD 17.78 per share based on a 5x PS valuation for 2025 [1][20] Core Views - The company's future blockbuster products are expected to become new growth engines [1] - The company has achieved significant cost reduction measures, with sales expense ratio dropping to 21.9% (YoY -10.7pp), management expense ratio to 11.9% (YoY -10.0pp), and R&D expense ratio to 28.2% (YoY -28.7pp) [1][20] - The company's neurovascular and peripheral vascular interventional products are expected to drive rapid revenue growth, with projected revenues of RMB 782 million, RMB 1.092 billion, and RMB 1.529 billion for 2024-2026, representing growth rates of 48%, 40%, and 40% respectively [20][107][110] Company Overview - The company is a leader in neurovascular and peripheral vascular interventional devices, with a rich product portfolio and continuous new product launches [59][64] - The company has 44 products in the domestic market, covering over 3,000 hospitals, with more than 600,000 devices used clinically [64] - The company has strategically positioned 63 products and candidates, gradually enriching its interventional product portfolio [64] Neurovascular Interventional Products - The company has 23 approved neurovascular interventional products in China, covering five major clinical areas [65] - Key products include the JiaoLong Intracranial Thrombectomy Stent, YinShe Intracranial Support Catheter, and DaYu Balloon Guide Catheter, which provide a complete three-piece solution [172] - The company is promoting the BADDASS thrombectomy technique and R-DAS transradial access technology to enhance the clinical application of its products [196][198] Peripheral Vascular Interventional Products - The company has 21 approved peripheral vascular interventional products in China, covering arterial, venous, dialysis access, and peripheral embolization [66] - Key products include the UltraFree® Drug-Eluting PTA Balloon Catheter and ZENFLOW® PTA Balloon Catheter, which have achieved significant market penetration [20] - The company has partnered with Avinger to develop OCT-guided peripheral vascular plaque excision products, expected to launch in 2025 [66][105] Financial Performance - The company achieved revenue of RMB 366.0 million in H1 2024, a YoY increase of 58.2%, with net profit of RMB 68.9 million, turning profitable [20] - Neurovascular interventional products contributed RMB 243.5 million in revenue (YoY +46.7%), while peripheral vascular interventional products contributed RMB 120.6 million (YoY +88.2%) [20] - The company's gross margin was 71.3% in H1 2024, slightly down by 2.9pp YoY due to product price reductions from centralized procurement [143] Market Outlook - The number of neurointerventional procedures in China is expected to grow from 161,400 in 2020 to 740,500 in 2026, with a CAGR of 28.9% [166] - The market size for acute ischemic stroke neurointerventional devices in China is projected to grow from RMB 4.75 billion in 2020 to RMB 34.61 billion in 2026, with a CAGR of 39.2% [168][195] - The intracranial aneurysm market in China is expected to reach RMB 8.4 billion by 2026, with a CAGR of 14.2% from 2020 [172] Competitive Landscape - The company has participated in multiple centralized procurement programs, rapidly expanding its hospital coverage [178] - In the Guangdong neurointerventional coil procurement, the company's market share increased to 4.1%, up from 1.9% in previous rounds [178][179] - The company's coil products accounted for approximately 10% of the domestic market in 2023 [178]
归创通桥-B：“外周+神介”双轮驱动，未来重磅产品或成业绩新增长引擎