证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20260303 伊朗关闭霍尔木兹海峡，北证 50 下跌 4.11% 2026 年 03 月 03 日 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 研究助理 陈哲晓 执业证书：S0600124080015 sh_chenzhx@dwzq.com.cn 相关研究： 《中央政治局会议讨论"十五五"规 划纲要，北证 50 下跌 0.50%》 2026-02-27 《存储芯片价格持续上涨并向下游传 2026-03-02 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 导，北证 50 下跌 3.99%》 [Table_Tag] [Table_Summary] ◼ 资本市场新闻：央行：2 月中期借贷便利（MLF）净 ...

证券研究报告 2026 年 3 月 3 日 湘财证券研究所 行业研究 医疗耗材行业报告 国产 PFA 前景可期 核心要点： ❑ 心脏电生理技术存在较强的现实刚需性 我国 2020 年城乡居民疾病死因构成中，心血管疾病在所有病因中高居首 位，心脏电生理技术被广泛应用于临床心律失常疾病诊断和治疗，但目前 整体渗透率仍然较低，叠加人口老龄化因素的推动，未来存在较大的市场 刚需。 ❑ 电生理技术不断迭代，临床优效显著 标测技术方面，三维心脏电生理手术在二维心脏电生理手术基础上作出了 重大改进，更加精确的显示出病变部位情况。消融技术方面，射频消融技 术已经较为成熟；冷冻消融术式主要用于房颤治疗，安全性更高；脉冲电 场消融（PFA）也正在快速发展，能够在消融目标心肌组织的同时避免对 周围组织造成损伤，有效解决了现有术式的痛点，临床应用潜力较大。近 年来心脏电生理技术在房颤、室上性心动过速等的临床治疗指南或专家共 识中的推荐级别也得到了提升。 ❑ 国产 PFA 有望弯道超车 PFA 技术为国产企业提供了一个弯道超车的契机。在传统的射频消融领域， 外资品牌凭借深厚的临床积淀和完整的"三维标测系统+消融导管"闭环 生态占据绝对 ...

港股公司 证 券 研 究 报 告 微泰医疗-B（02235.Hk）2025 年业绩预告点评 强推（维持） 营收增长超预期，利润端实现扭亏 事项： ❖ 公司近日发布 2025 年盈喜预告，营收不低于 6.5 亿元，同比增长约 88.1%，并 实现不低于 0.38 亿元的净利润(24 年同期亏损 0.63 亿元)，扭亏为盈。 评论： [主要财务指标 Indicator_FinchinaSimpleHK] 证券分析师：李婵娟 邮箱：lichanjuan@hcyjs.com 执业编号：S0360520110004 证券分析师：张良龙 邮箱：zhanglianglong@hcyjs.com 执业编号：S0360525110002 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 346 | 651 | 882 | 1,161 | | 同比增速(%) | 36.5% | 88.3% | 35.6% | 31.6% | | 归母净利润(百万元) | -63 | 38 | 93 | 152 | | 同比增速(% ...

事项： ❖ 公司近日发布 2025 年盈喜预告，营收不低于 6.5 亿元，同比增长约 88.1%，并 实现不低于 0.38 亿元的净利润(24 年同期亏损 0.63 亿元)，扭亏为盈。 评论： [主要财务指标 Indicator_FinchinaSimpleHK] 港股公司 证 券 研 究 报 告 微泰医疗-B（02235.Hk）2025 年业绩预告点评 强推（维持） 营收增长超预期，利润端实现扭亏 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 346 | 651 | 882 | 1,161 | | 同比增速(%) | 36.5% | 88.3% | 35.6% | 31.6% | | 归母净利润(百万元) | -63 | 38 | 93 | 152 | | 同比增速(%) | 49.5% | 160.7% | 143.2% | 63.5% | | 每股盈利(元) | -0.15 | 0.09 | 0.22 | 0.36 | | 市盈率(倍) | -45 | 74 | 30 | 19 | | ...

策略研究报告 证券研究报告 策略报告 报告日期：2026 年 3 月 1 日 风险因素影响可控 ——A 股投资策略周报告 华龙证券研究所 A 股市场走势(2025/2/14-2026/2/27) 姓 名：朱金金 执业证书编号：S0230521030009 邮 箱：zhujj@hlzq.com | 表 1:风格涨跌幅 | | --- | | 表 2: 美伊谈判及冲突事件 . | | 表 3: 主要宽基指数市盈率(TM)及市净率(LF)估值分位 7 | | 表 4: 行业市盈率(TTM)及市净率(LF)估值分位 . | 影响有限》2026.2.2 2026.2.2 稳中向好》2026.1.19 请认真阅读文后免责条款 摘要（核心观点）： 上周周期风格涨幅居前。周期板块上周整体表现较好，主要原因包括：一 是春节期间美伊局势复杂，市场对冲突担忧升温，推动国际油价上升，以 及美国关税政策的不确定性加剧市场对美元信用担忧，推升贵金属避险需 求。二是供给约束与基本面改善等因素影响，钢铁、有色金属、基础化工 等周期行业板块涨幅居前。三是风格轮动与资金偏好影响。周期板块估值 相对较低且有基本面支撑，吸引了局部高估板块的资金向周 ...

Summary of Carlsmed Conference Call Company Overview - **Company**: Carlsmed - **Industry**: Medical Device, specifically focused on spine surgery - **Founded**: 2018 - **Public Company Status**: Recently went public Core Business and Technology - Carlsmed aims to improve healthcare outcomes and reduce costs in spine surgery by minimizing patient reoperations through a comprehensive technology platform that spans preoperative, intraoperative, and postoperative phases [2][3] - The company has developed the **aprevo® Technology Platform**, which allows for virtual modeling of patient pathology and creation of personalized surgical plans and devices [6][10] Financial Performance - **Q4 Revenue**: Over $15 million with a gross margin of 76.5%, representing a year-on-year growth of 61% [3] - **Full Year Revenue**: $50.5 million in the first year as a public company, an 86% year-on-year growth [3] - **2023 Revenue Guidance**: Projected revenue between $70 million and $75.5 million, indicating a growth of 44% at the midpoint [4] Market Opportunity - The U.S. spine surgery market includes approximately 445,000 lumbar procedures and 373,000 cervical procedures annually, totaling over 800,000 addressable procedures [5][6] - Carlsmed has seen a nearly 70% increase in its user base, ending the year with 253 trained surgeon users [4] Clinical Validation and Outcomes - Clinical data published in the Global Spine Journal indicates a 74% reduction in revision rates at the two-year mark for patients undergoing the aprevo personalized surgery compared to traditional methods [7] - The company has received Breakthrough Device Designation from the FDA, which facilitates better reimbursement options for its technologies [13][18] Reimbursement and Adoption - Carlsmed has secured a New Technology Add-on Payment from Medicare, providing over $21,000 in incremental reimbursement for hospitals adopting its cervical technology [18] - The company emphasizes the importance of payer support for technology adoption, which can lead to improved patient outcomes and reduced costs [11][14] Product Innovations - The company has expanded its platform to include cervical surgery, addressing specific challenges such as subsidence in patients with osteoporosis [15][18] - Recent innovations include a personalized cervical plating platform and a bilateral approach for minimally invasive procedures, enhancing the surgical experience and outcomes [20][21] Future Outlook - Carlsmed is focused on expanding its technology within the spine market before considering applications in other medical segments [28] - The company aims to continue its rapid growth trajectory and enhance the adoption of its personalized surgery approach [22] Additional Insights - The company utilizes a hybrid commercial model, leveraging both sales agents and direct teams for customer acquisition and support [4] - The technology allows for a zero-inventory business model, simplifying logistics for hospitals [21] - Carlsmed is aware of ongoing clinical studies involving wearable technology for post-operative recovery, although it is not directly integrating such technology at this time [22]

Summary of Establishment Labs FY Conference Call Company Overview - **Company**: Establishment Labs (NasdaqCM: ESTA) - **Industry**: Medical Devices, specifically breast implants Key Points 2025 Performance and 2026 Outlook - Establishment Labs had an outstanding performance in 2025, exceeding initial expectations with the successful launch of the Motiva implant, opening 1,500 accounts, which was beyond the original plan [9][10] - The company expects strong momentum to continue into 2026, with guidance indicating at least 30% revenue growth, aiming for a midpoint revenue of $265 million [30][31] Drivers of Success - The success in 2025 was attributed to innovative marketing strategies, including partnerships with influencers and celebrities like Meghan Trainor, which significantly increased demand [13][15] - The company has been adding new accounts consistently, with a commercial team that reportedly hasn't gone a day without adding a new account [8][10] - The Preservé launch outside the U.S. has also been successful and is expected to drive growth in 2026 [11] Pricing Strategy - The pricing strategy for Motiva has been effective, with no significant pushback from the market. The company has maintained premium pricing due to the perceived value of their products [17][18] - Surgeons are reportedly charging a premium for procedures using Motiva, with increases of 30%-50% for those surgeries [46][50] Market Dynamics - The U.S. market has shown a stable demand for Ergonomix implants, with approximately 55%-60% of sales coming from this premium product line [21] - The company anticipates that the introduction of smaller size Motiva implants will capture an additional 10% of the market [65] International Business - Establishment Labs is focusing on direct markets, which offer better economics, and has seen healthy growth in international markets [71][72] - The company is optimistic about the Chinese market, expecting to achieve a dominant share similar to other Asian markets [73] Future Innovations and Expansion - The company is preparing for the reconstruction market, which could double their total addressable market (TAM). They are awaiting FDA approval for their reconstruction products [58][60] - Establishment Labs aims to democratize breast reconstruction and improve aesthetic outcomes, which could drive further adoption [63] Margin Expansion - The company expects gross margin expansion as they shift focus to higher-margin products and reduce dependency on distribution markets [67] Strategic Leadership Changes - The transition of CFO Raj Denhoy to a strategic role within the company is seen as a move to enhance business development and innovation initiatives [32][38] Additional Insights - The company has a conservative guidance approach, learning from market dynamics as they grow in the U.S. [31] - There is potential upside in revenue projections, particularly with the Preservé product line and the minimally invasive portfolio [74][76] This summary encapsulates the key insights from the Establishment Labs FY Conference Call, highlighting the company's strong performance, strategic initiatives, and future growth potential in the breast implant market.

2025 年 AI 医疗器械品牌推荐 重构医疗生态的 AI 驱动型领跑者 | 一、市场背景 | 2 | | --- | --- | | 1.1 摘要 | 2 | | 1.2AI 医疗器械定义 | 2 | | 1.3 市场演变 | 2 | | 二、市场现状 | 3 | | 2.1 市场规模 | 3 | | 2.2 市场供需 | 3 | | 三、市场竞争 | 4 | | 3.1 市场评估维度 | 4 | | 3.2 市场竞争格局 | 4 | | 3.3 十大品牌推荐 | 5 | | 四、发展趋势 | 6 | | 4.1 技术融合与创新深化：多模态与生成式 AI 驱动诊疗升级 | 6 | | 4.2 政策与监管体系完善：全生命周期管理加速产品合规化 | 7 | | 4.3 市场扩容与场景拓展：基层医疗与消费级市场成新增长极 | 7 | | 4.4 生态协同与国际化突破：产学研用融合推动全链条创新 | 7 | 2025 年 AI 医疗器械品牌推荐 一、市场背景 1.1 摘要 AI 医疗器械行业基于医疗器械数据，采用人工智能技术实现医疗用途。国家药监局颁 布相关指导原则，规范行业生存周期过程。行业应用领域广泛，入局企业 ...

Financial Data and Key Metrics Changes - The company reported a strong finish to 2025, achieving underlying revenue growth of 5.3% and free cash flow of $840 million, a 52.5% increase year-on-year [1][3] - Trading profit for the full year was $1.2 billion, reflecting a 160 basis points margin expansion to 19.7% [17][20] - Adjusted earnings per share grew by 21% to $1.02, driven by a $500 million share buyback [18][19] Business Line Data and Key Metrics Changes - Orthopedics grew by 5.1%, Sports Medicine and ENT by 5.2%, and Advanced Wound Management by 5.6%, all on an underlying basis [15][16] - The joint repair business surpassed $1 billion in revenue for the first time, driven by products like REGENETEN and Q-FIX [11][12] - Advanced Wound Management grew 2.8% in Q4, with Advanced Wound Care growing 4.4% [13][14] Market Data and Key Metrics Changes - U.S. growth was 5.6%, other established markets 7.2%, and emerging markets 6.4%, with underlying growth excluding China at 7.2% [7][16] - The company expects continued growth in orthopedics, sports medicine, and Advanced Wound Management, particularly in AWC and AWD [27][28] Company Strategy and Development Direction - The company is transitioning to a new RISE strategy aimed at accelerating growth and improving returns, building on the previous 12-Point Plan [4][31] - The acquisition of Integrity Orthopaedics is expected to enhance the sports medicine portfolio and drive growth in biomechanical repair [33][34] - The company plans to increase R&D investment and maintain a robust product launch pipeline, with expectations of launching 16 new products in 2026 [43][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving around 6% organic revenue growth in 2026, with trading profit growth expected to be around 8% [20][29] - The impact of China VBP on joint repair is expected to be less significant moving forward, with management anticipating a bounce in sports business in China [72][75] - The company aims to maintain a focus on organic growth and capital allocation towards high-value clinical segments [68][69] Other Important Information - The company achieved a 15-fold increase in free cash flow and a 170 basis points increase in ROIC from 6.6% to 8.3% [6][25] - The company expects to face extraordinary headwinds in 2026, including inventory revaluation and changes to reimbursement in the U.S. AWM business [20][21] Q&A Session Summary Question: Can you break down revenue guidance for 2026 and expectations for market growth? - Management indicated that 2026 revenue growth is expected to be around 6%, with contributions from all business units and innovation driving growth [48][49] Question: What is the expected phasing of revenue growth through the quarters? - Management expects Q1 to be softer due to one fewer trading day, with growth in the first half around 4.5%-5% and stronger growth in Q3 and Q4 [53][54] Question: What is the outlook for joint repair in China? - Management confirmed that joint repair growth in China has annualized, and they expect a bounce in sports business while AET and ENT will have a limited negative impact [64][75]

Financial Performance - The company reported a strong finish to 2025, achieving underlying revenue growth of 5.3% and free cash flow of $840 million, a 52.5% increase year-on-year [1][3][15] - Trading profit for the full year was $1.2 billion, reflecting a 160 basis points margin expansion to 19.7% [17][20] - Adjusted earnings per share grew by 21% to $1.02, driven by a $500 million share buyback [18][19] Business Unit Performance - Orthopedics grew 7.9% on an underlying basis, with strong performance in hips and trauma, while U.S. knee growth improved following the launch of LEGION MS [7][8][10] - Sports medicine and ENT grew 7.3%, with joint repair surpassing $1 billion in revenue for the first time, driven by REGENETEN and Q-FIX [11][12] - Advanced Wound Management grew 2.8%, with Advanced Wound Care growing 4.4% [13][15] Market Performance - U.S. growth was 5.6%, with other established markets at 7.2% and emerging markets at 6.4% [7] - Excluding China, underlying growth was 7.2%, indicating strong performance across various regions [16] Company Strategy and Industry Competition - The company is transitioning to a new RISE strategy aimed at accelerating growth and improving returns, building on the previous 12-Point Plan [4][31] - The acquisition of Integrity Orthopaedics is expected to enhance the sports medicine portfolio and drive growth in biomechanical repair [33][35] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in achieving around 6% organic revenue growth for 2026, with trading profit growth expected to be around 8% [20][29] - The impact of China VBP on joint repair is expected to be less significant moving forward, with management anticipating a bounce in sports business in China [72][75] Other Important Information - The company achieved a 15-fold increase in free cash flow and a 170 basis points increase in ROIC to 8.3% [6][25] - The company plans to maintain a dividend ratio of 35%-40% and consider buybacks subject to leverage targets [27] Q&A Session Summary Question: Can you break down revenue guidance for 2026 and expectations for market growth? - Management indicated that 2026 revenue growth is expected to be around 6%, with innovation contributing significantly to this growth [48][49] Question: What is the outlook for joint repair in China? - Management confirmed that joint repair growth in China has annualized, and the impact of VBP will be less significant moving forward [64][75] Question: How does M&A impact bottom line growth? - Management emphasized that M&A, such as the acquisition of Integrity, is aimed at scaling in areas of strength and is expected to be accretive in the long term [68][69]