瑛泰医疗：Solid growth with margin improvement-20250320

20 Mar 2025 CMB International Global Markets | Equity Research | Company Update INT Medical (1501 HK) Solid growth with margin improvement INT Medical's 2024 revenue grew by 13.2% YoY to RMB852mn, 13% below our estimate, mainly due to the pressure on its CDMO business from VBP and intensified competition. The expanding provincial VBP coverage in interventional medical devices drove manufacturers to integrate upstream operations to manage costs. Thanks to the improved gross margin, the Company's attributable ...