微创脑科学(02172) 报告日期：2025 年 04 月 11 日 高利润率有望持续 ——微创脑科学 2024 年年报点评 投资要点 公司发布 2024 年年报，全年实现营业收入 7.62 亿元（同比+14.4%），归母净利 润 2.54 亿元（同比+74.6%），利润高增长。2024 年销售净利率约 33%，核心驱 动因素包括海外业务突破性增长、国内大单品份额提升及费用率优化。我们认 为，公司国际化加速、降本增效等有望对冲部分集采影响，公司 2025 年净利率 仍有望维持较高水平。 成长性：2025 年集采影响下国内收入或短期承压，海外有望持续高增 1.出血类集采影响下收入或短期承压，缺血/狭窄类产品有望持续放量。 从产品结构看：（1）出血类产品或阶段性承压。2024年出血类收入4.02亿元（同 比-5.5%），主要是密网支架集采影响经销商拿货节奏（2024 年下半年，河北省医 保局有序推进密网支架省际联盟带量采购）。但 NUMEN 弹簧圈通过集采中标实 现空白市场快速覆盖，全球销量保持双位数增长。我们认为，2025年密网支架集 采供货调整下，公司出血类收入利润或仍短期承压。（2）狭窄类产品有望持续放 量 ...

股价：11.74 元（港币） 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.microportneurosci.com | | 大股东/持股 | 微创医疗科学有限公司（53.35%） | | 实际控制人 | 微创医疗科学有限公司 | | 总股本(百万股) | 584.60 | | 流通 B/H 股(百万股) | 584.60 | | 总市值（亿元） | 63.34 | | 资产负债率(%) | 16.44 | 医药 2025 年 03 月 28 日 微创脑科学(2172.HK) 业绩保持快速增长，核心产品表现亮眼 推荐（维持） 行情走势图 证券分析师 | 叶寅 | 投资咨询资格编号 | | --- | --- | | | S1060514100001 | | | BOT335 | | | YEYIN757@pingan.com.cn | | 倪亦道 | 投资咨询资格编号 | | | S1060518070001 | | | 021-38640502 | | | NIYIDAO242@pingan.com.cn | | 裴晓鹏 | 投资咨询资格编号 | | | S106 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 於截至2024年12月31日止年度（「2024財年」或「報告期內」），本集團的收入主 要來自出血性腦卒中產品、腦動脈粥樣硬化狹窄產品、急性缺血性腦卒中 產品以及通路類產品。本集團錄得收入人民幣761.8百萬元，較截至2023年12 月31日止年度（「2023財年」或「上年」）的人民幣665.6百萬元增長14.4%。該增 加主要由於：(1)海外業務實現突破性進展，報告期內收入較上年同期提升 137.6%，貢獻本集團收入增量；(2)腦動脈粥樣硬化狹窄產品（包括Bridge®椎 動脈雷帕黴素靶向洗脫支架系統、APOLLO™顱內動脈支架系統等）持續提升 市場份額，實現收入顯著增長；(3)彈簧圈產品（包括NUMEN®可解脫栓塞彈 簧圈等）得益於集採中標，加快空白市場開拓，對收入增長起到重要作用；(4) 近年來獲批上市的多款急性缺血性腦卒中產品（包括Neurohawk®顱內取栓支 架、X-track®遠端導管等）加 ...

Investment Rating - Buy rating with a target price of HKD 11.30 [8] Core Views - The company is expected to achieve steady profit growth in 2024, driven by increased hospital coverage, market share expansion, and overseas revenue doubling [8] - Core products are accelerating their entry into hospitals, with new products enriching the product line [8] - The company's adjusted net profit CAGR from 2020 to 2024 is approximately 55% [8] Financial Projections - Revenue is projected to grow from RMB 547 million in 2022 to RMB 1,550 million in 2026, with a CAGR of 30.1% from 2024 to 2026 [3] - EBITDA is expected to increase from RMB 145 million in 2022 to RMB 596 million in 2026 [3] - Net profit attributable to shareholders is forecasted to rise from RMB -22 million in 2022 to RMB 447 million in 2026 [3] - EPS is projected to grow from RMB -0.04 in 2022 to RMB 0.76 in 2026 [3] Product Performance - The company's products supported 190,000 neurointerventional surgeries in the first half of 2024 [8] - NUMEN® coils entered 240 new hospitals, Tubridge® stents entered 80 new hospitals, and WILLIS® covered stents entered 30 new hospitals [8] - Bridge® vertebral artery drug stents entered 230 new hospitals, and APOLLO™ intracranial stents entered nearly 120 new hospitals [8] - Neurohawk® thrombectomy stents entered over 150 new hospitals [8] Valuation Metrics - The P/E ratio is expected to decrease from 18.4 in 2024 to 10.0 in 2026 [3] - The EV/EBITDA ratio is projected to decline from 10.2 in 2024 to 4.3 in 2026 [3] - ROE is forecasted to increase from -1.7% in 2022 to 16.7% in 2026 [3] Balance Sheet and Cash Flow - Total assets are expected to grow from RMB 1,817 million in 2022 to RMB 3,180 million in 2026 [9] - Cash and cash equivalents are projected to increase from RMB 828 million in 2022 to RMB 2,042 million in 2026 [9] - Operating cash flow is forecasted to rise from RMB 224 million in 2022 to RMB 555 million in 2026 [9] Key Financial Ratios - Gross margin is expected to remain stable, ranging from 73.0% to 75.0% from 2024 to 2026 [10] - Net margin is projected to increase from -4.5% in 2022 to 28.8% in 2026 [10] - The current ratio is forecasted to improve from 5.3 in 2022 to 8.7 in 2026 [10]

Investment Rating - The report gives a "Recommend" rating for the company's stock (首次覆盖) [3] Core Views - The company is a leading domestic player in the neurointervention field, with a comprehensive product portfolio covering three major areas of cerebrovascular diseases: hemorrhagic stroke, cerebral atherosclerosis stenosis, and acute ischemic stroke [8] - The company has a strong R&D pipeline and a history of rapid revenue growth, with a CAGR of 38% from 2019 to 2023 [8] - The company is expected to benefit from industry growth and import substitution, with projected net profits of 233 million, 281 million, and 369 million yuan for 2024, 2025, and 2026, respectively [12] Company Overview - The company, formerly the neurointervention business unit of MicroPort Scientific, was established in 2012 and went public on the Hong Kong Stock Exchange in 2022 [26] - It holds a 53.35% stake in MicroPort Scientific and has a total market capitalization of 4.851 billion yuan [2] - The company has a total of 584.6 million shares outstanding, with a net asset per share of 2.93 yuan and a debt-to-asset ratio of 17.94% [2] Financial Performance - Revenue is projected to grow from 547 million yuan in 2022 to 1.277 billion yuan in 2026, with a CAGR of 21.4% [7] - Net profit is expected to increase from -22 million yuan in 2022 to 369 million yuan in 2026, with a significant turnaround in 2023 [7] - Gross margin is forecasted to remain stable at around 70% from 2024 to 2026 [7] Product Portfolio - The company has a comprehensive product lineup, including flow diverters, coils, covered stents, and thrombectomy devices, covering all key areas of cerebrovascular diseases [32] - Key products include the Tubridge flow diverter, Numen coils, and the Apollo stent, which holds a 60% market share in intracranial stenosis treatment [33] - The company is also developing next-generation products, such as the Tubridge Plus flow diverter, which is expected to enhance its competitive position in the hemorrhagic stroke market [100] Market Position - The company is the fourth-largest player in the domestic neurointervention market and the leading domestic brand, with a market share of 44% for its Tubridge flow diverter in 2020 [26][100] - It has a strong presence in over 3,300 hospitals in China, including more than 1,800 tertiary hospitals and all top 100 stroke centers [36] Industry Outlook - The domestic neurointervention market is expected to grow from 5.8 billion yuan in 2020 to 17.5 billion yuan in 2026, with a CAGR of 20.1% [63] - Hemorrhagic stroke treatment is the largest sub-segment, accounting for 65.5% of the market in 2020, while acute ischemic stroke is expected to be the fastest-growing segment [63] - Domestic companies are gradually gaining market share, with the company well-positioned to benefit from import substitution and industry growth [64]

Financial Performance - MicroPort NeuroScientific Corporation reported a revenue increase of 15% year-over-year for the first half of 2024, reaching RMB 500 million[9]. - The company achieved a gross margin of 65%, reflecting a 5% improvement compared to the same period last year[9]. - The company reported a net profit margin of 12%, which is a slight decrease from 14% in the previous year, attributed to increased R&D investments[9]. - The company achieved revenue of RMB 408.2 million in the first half of 2024, a significant increase of 36.4% compared to RMB 299.2 million in the same period last year[15]. - Net profit reached RMB 140.1 million, up 141.5% from RMB 58.0 million year-on-year, driven by revenue growth and operational efficiency improvements[16]. - The company’s gross profit was RMB 295.0 million, reflecting a 26.8% increase from RMB 232.6 million year-on-year[15]. - Basic earnings per share rose to RMB 0.25, a rise of 127.3% compared to RMB 0.11 in the previous year[15]. - Total comprehensive income for the period was RMB 144,724 thousand, compared to RMB 83,278 thousand in the previous year, reflecting a growth of 73.7%[106]. - The company reported a profit of RMB 143,504 thousand for the six months ended June 30, 2024, compared to RMB 81,507 thousand for the same period in 2023, reflecting a year-over-year increase of approximately 76.1%[114]. Product Development and Innovation - The company plans to launch two new products in the neurosurgical device segment by Q4 2024, aiming to capture an additional 10% market share[9]. - Research and development expenses increased by 30% to RMB 100 million, focusing on innovative technologies in neurointervention[9]. - The company has developed several innovative products, including the world's first stent system for treating intracranial atherosclerosis and the first domestically approved flow-diverting stent for cerebrovascular diseases[19]. - The company launched five products, including the NeuroGuard® neurovascular balloon guiding catheter, successfully approved for market entry[26]. - The Tubridge Plus® stent received regulatory approval in August 2024, enhancing the product lineup in flow-diverting stents[32]. - The company has a research and development team of 132 members, with over 60% holding doctoral or master's degrees, focusing on innovative solutions for clinical needs[49]. - The company holds 239 authorized patents, including 55 overseas patents, and has 343 pending patent applications as of the reporting period[50]. Market Expansion and Strategic Initiatives - MicroPort is exploring strategic partnerships for market expansion in Southeast Asia, targeting a 25% growth in that region by 2025[9]. - The company has set a performance guidance of 20% revenue growth for the full year 2024, driven by new product launches and market penetration[9]. - The company ranks fourth in the Chinese neurointerventional medical device market by sales revenue, holding the leading position among domestic brands[19]. - The company has established partnerships with over 330 distributors and secondary distributors, ensuring nationwide coverage[20]. - The company intends to expand its international presence by entering the top thirty countries and regions in terms of neurointerventional surgery volume[56]. Operational Efficiency and Cost Management - The management emphasized a commitment to improving operational efficiency, aiming for a 10% reduction in operational costs by the end of 2024[9]. - The company’s key raw material localization rate reached over 90%, contributing to a double-digit decrease in production costs[14]. - The company plans to enhance operational efficiency by optimizing quality control systems and expanding production and sales teams[55]. Financial Position and Cash Flow - As of June 30, 2024, the group reported cash and cash equivalents of approximately RMB 679.9 million, down from RMB 721.2 million as of December 31, 2023[69]. - The net current assets of the group increased to RMB 1,184.3 million as of June 30, 2024, compared to RMB 1,083.3 million as of December 31, 2023, primarily due to cash inflows from operating activities[69]. - The company's inventory decreased from RMB 201.0 million to RMB 170.6 million, reflecting improved inventory turnover[64]. - Trade and other receivables increased significantly from RMB 62.8 million to RMB 191.8 million, driven by business growth[64]. - Operating cash flow for the six months ended June 30, 2024, was RMB 98,453,000, a significant increase of 204% compared to RMB 32,357,000 for the same period in 2023[115]. Shareholder Returns and Corporate Governance - The company declared an interim dividend of HKD 0.08 per share, expected to be distributed around September 26, 2024[98]. - The board has approved the financial report for the six months ended June 30, 2024, indicating a commitment to transparency and accountability[109]. - The company aims to enhance its corporate governance practices continuously to ensure compliance with the Corporate Governance Code[92].

Financial Performance - The company reported revenue of approximately RMB 408.2 million for the six months ended June 30, 2024, representing a growth of about 36.4% compared to RMB 299.2 million in the same period last year[1]. - The company recorded a gross profit of RMB 295.0 million, up from RMB 232.6 million year-on-year[3]. - Operating profit for the period was RMB 182.5 million, compared to RMB 82.2 million in the previous year[3]. - The net profit for the period was RMB 140.1 million, a significant increase from RMB 58.0 million in the same period last year[4]. - Basic earnings per share increased to RMB 0.25 from RMB 0.11 year-on-year[3]. - Total revenue for the six months ended June 30, 2024, was RMB 408,225,000, compared to RMB 299,193,000 for the same period in 2023, reflecting a growth of 36.5%[11]. - Pre-tax profit for the six months ended June 30, 2024, was RMB 143,504,000, significantly up from RMB 64,041,000 for the same period in 2023, marking an increase of 123.5%[17]. - Basic earnings per share for the six months ended June 30, 2024, were RMB 0.247, compared to RMB 0.110 for the same period in 2023, representing a growth of 125.5%[17]. - The company declared an interim dividend of HKD 0.08 per share, amounting to RMB 43,000,000 for the period ending June 30, 2024[21]. - The income tax expense increased by 199.3% from RMB 10.3 million to RMB 30.9 million, primarily due to an increase in pre-tax operating profit[86]. - Non-HKFRS adjusted net profit for the same period was RMB 159.2 million, up 108.6% from RMB 73.5 million year-on-year[87]. Revenue Growth - Overseas business achieved a breakthrough with revenue increasing approximately 87.0% compared to the same period last year[1]. - Revenue from medical device sales for the six months ended June 30, 2024, was RMB 407,185,000, an increase of 36.6% from RMB 298,185,000 for the same period in 2023[11]. - The revenue from intracranial atherosclerotic stenosis products surged by 119.5%, from RMB 55.8 million to RMB 122.6 million[80]. - The revenue from acute ischemic stroke products skyrocketed by 308.2%, from RMB 6.9 million to RMB 28.3 million[80]. - The group achieved overseas revenue of RMB 28.12 million, a year-on-year increase of 87%, with significant growth in the APAC region (123%) and LATAM region (120%)[39]. Assets and Liabilities - Total assets as of June 30, 2024, were RMB 1,792.98 million, compared to RMB 1,711.39 million as of December 31, 2023[5]. - The company’s net assets increased to RMB 1,706.74 million from RMB 1,638.25 million year-on-year[6]. - As of June 30, 2024, trade receivables amounted to RMB 155,156,000, a significant increase from RMB 10,564,000 as of December 31, 2023[19]. - Trade payables totaled RMB 241,178,000 as of June 30, 2024, compared to RMB 213,076,000 as of December 31, 2023, indicating a growth in liabilities[20]. - Current trade and other receivables increased from RMB 62.8 million to RMB 191.8 million, primarily due to business growth[88]. - Trade and other payables rose from RMB 213.1 million to RMB 241.2 million, mainly due to an increase in dividends payable[89]. - As of June 30, 2024, the company recorded lease liabilities of RMB 49.5 million related to office and manufacturing facilities[90]. Research and Development - Research and development expenses for the six months ended June 30, 2024, were RMB 74,039,000, down from RMB 90,409,000 for the same period in 2023, reflecting a decrease of 18.1%[14]. - The company has a research and development team of 132 members, with over 60% holding doctoral or master's degrees, focusing on innovative solutions for clinical needs[70]. - The company holds 239 authorized patents, including 55 overseas patents, and has 343 pending patent applications[71]. - The company has established a digital quality control system covering the entire production process, ensuring compliance with international standards and reducing audit costs for overseas market entry[72]. Market Position and Strategy - The company ranks fourth in the Chinese neurointerventional medical device market by sales revenue in 2023, holding the leading position among domestic brands[35]. - The Chinese neurointerventional medical device market is projected to exceed RMB 20 billion by 2028, with a compound annual growth rate of approximately 20% from 2023 to 2028[32]. - The company plans to expand its international presence by entering the top 30 countries and regions in terms of neurointerventional procedures[78]. - The company aims to enhance operational efficiency by optimizing quality control systems and expanding production and sales teams[77]. - The centralized procurement policy for neurointerventional products is expected to shift the industry focus from marketing-driven to cost-driven and R&D-driven approaches, promoting high-quality and standardized development[34]. Product Development and Innovation - The company has developed several innovative products, including the world's first stent system for treating intracranial atherosclerosis and the first domestically approved flow-diverting stent for cerebrovascular diseases[35]. - The company has a total of 21 commercially approved products and 14 products in various stages of development in China, ranking first among domestic neuro-interventional medical device companies[40]. - The company plans to invest RMB 100 million in R&D for new technologies in the upcoming fiscal year[112]. - New product development includes the launch of a cutting-edge neuro-interventional device, projected to enter the market by Q4 2024[112]. Shareholder Returns and Equity - The company plans to distribute an interim dividend of HKD 0.08 per ordinary share for the six months ended June 30, 2024[2]. - The company approved an interim dividend of HKD 0.08 per share, expected to be distributed around September 26, 2024[106]. - The company has not purchased, sold, or redeemed any of its listed securities, except for 3,595,000 shares bought under the share award plan for a total consideration of HKD 32,076,000[100]. - A total of 780,000 reward shares were granted under the share award plan, fully vesting as of June 30, 2024[102]. Future Outlook - The company provided a performance guidance for the next quarter, expecting a revenue increase of 25%[112]. - The company aims to increase its international sales contribution to 30% of total revenue by 2026[112]. - The management highlighted a commitment to maintaining compliance with regulatory standards set by the National Medical Products Administration[112].

Financial Performance - MicroPort NeuroTech reported a revenue increase of 15% year-over-year for the fiscal year 2023, reaching approximately RMB 1.2 billion[1]. - The company achieved a gross margin of 65%, reflecting a 5% improvement compared to the previous fiscal year[1]. - Future guidance estimates revenue growth of 18% for the fiscal year 2024, driven by new product launches and market expansion efforts[1]. - The company reported a net profit margin of 10%, consistent with the previous year, despite increased operational costs[1]. - In fiscal year 2023, the company achieved revenue of RMB 665.6 million, representing a significant increase of 21.6% compared to the previous year[10]. - The net profit for the period reached RMB 134.6 million, marking a strong turnaround from a loss of RMB 24.7 million in the previous year[10]. - The non-Hong Kong Financial Reporting Standards adjusted net profit reached RMB 195.4 million, reflecting a growth of 49.5% year-on-year[15]. - The company's revenue for fiscal year 2023 was RMB 665.6 million, an increase of 21.6% year-on-year, with a net profit of RMB 134.6 million, marking a significant turnaround[15]. - Revenue from hemorrhagic stroke products reached RMB 425.3 million, a 42.0% increase from RMB 299.6 million in the previous year[55]. Market Expansion and Product Development - User data indicated a 20% increase in the number of procedures performed using MicroPort's devices, totaling over 50,000 procedures in 2023[1]. - The company plans to launch three new products in 2024, targeting a market expansion of 30% in the neurointerventional segment[1]. - MicroPort aims to expand its market presence in Europe and North America, with a projected growth rate of 40% in these regions over the next two years[1]. - The company has identified potential acquisition targets in the medical device sector to enhance its product portfolio and market reach[1]. - The product portfolio includes 30 commercialized and candidate products, with 18 approved for commercialization in China and 12 under development[8]. - The company is committed to innovation and aims to provide comprehensive treatment solutions for cerebrovascular diseases globally[9]. - The company is expanding its market presence with new product launches and regulatory approvals across multiple countries, including Argentina and Brazil[22]. Research and Development - Research and development expenses increased by 25%, amounting to RMB 200 million, as the company focuses on innovative technologies[1]. - The company has conducted 18 overseas surgical training and academic exchange events in 2023, enhancing its international presence[19]. - The company achieved significant progress in its R&D projects, with five products including Tigertriever® and WAVE-track™ receiving approval from the National Medical Products Administration (NMPA) in 2023[21]. - The company has a total of 11 hemorrhagic stroke treatment products in its pipeline, with five already commercialized, covering key treatment areas[23]. - The company has established a mature project evaluation system to track industry technology trends and assess market demand for mid- to long-term product development strategies[45]. Operational Efficiency and Cost Management - The localization rate of raw materials reached over 90%, contributing to a steady decline in production costs[11]. - The company aims to enhance operational efficiency through supply chain improvements and production capacity expansion[51]. - Administrative expenses decreased by 17.0% to RMB 56.1 million due to improved operational management efficiency[59]. - Financing costs significantly decreased by 96.3% to RMB 3.7 million, primarily due to the cessation of interest expenses related to prior financing[61]. - The company achieved a gross profit rise of 30.2% to RMB 511.8 million, with a gross margin of 76.9%, up from 71.8% in fiscal year 2022[57]. Corporate Governance and Management - The company has a strong focus on expanding its market presence in the neurovascular treatment sector[92]. - The board includes independent directors with extensive legal and compliance backgrounds, ensuring robust governance[89]. - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, each with clearly defined powers and responsibilities[185]. - The board consists of a balanced mix of executive and non-executive directors, ensuring strong independence and effective decision-making[176]. - The company has adopted the corporate governance code as a benchmark for its governance practices[172]. Human Resources and Employee Development - The company has a strong focus on human resources and administrative management to support its operational needs[94]. - The company aims to foster talent and encourage employee development to enhance overall business success[103]. - As of December 31, 2023, the company employed 571 employees, a decrease from 580 employees as of December 31, 2022[103]. - The gender ratio among all employees is 63.45% female and 36.55% male, with 358 female employees and 208 male employees[192]. Compliance and Risk Management - The company is committed to compliance with applicable laws and regulations, with no investigations or disciplinary actions reported during the year ended December 31, 2023[100]. - The company has established a whistleblowing policy to allow employees and stakeholders to report concerns anonymously[198]. - The board confirmed its responsibility for risk management and internal control systems, which aim to manage risks rather than eliminate them[197]. - The internal audit department conducted independent risk assessments covering strategic, financial, market, operational, and legal risks[198]. Shareholder Information and Financial Management - The company proposed a final dividend of HKD 0.11 per share for the year ended December 31, 2023, subject to shareholder approval at the 2023 Annual General Meeting[165]. - The company has issued at least 25% of its shares to the public as required by listing rules[163]. - The company has retained KPMG as its auditor for the fiscal year ended December 31, 2023, with a resolution for reappointment to be presented at the upcoming Annual General Meeting[169]. - The company has a defined contribution retirement savings plan, with contributions recognized in the profit and loss statement as incurred[115].

[Table_Page] 公告点评|医疗保健设备与服务 证券研究报告 [【Table_T广itle] 发 医药&海外】微创脑科学 [公Tab司le_I评nves级t] 买入 当前价格 8.38港元 （02172.HK） 合理价值 11.30港元 前次评级 买入 业绩稳步提升，核心产品持续亮眼表现 报告日期 2024-04-02 [Table_Summary] 核心观点： [相Tab对le_P市icQ场uote表] 现  公司业绩稳步提升。公司发布 23 年业绩公告，实现营收 6.66 亿元 10% （YOY+21.6%）；经调整净利润 1.95 亿人民币（YOY+49.5%）；净利 0% 03/23 05/23 07/23 09/23 11/23 01/24 03/24 -11% 润1.35亿人民币，实现扭亏为盈；毛利率76.9%（YOY+5.1pp），系产 -21% 品结构的变化及规模效应带来成本下降。收入主要来自出血性脑卒中产 -32% 品（YOY+42%）、动脉粥样硬化狭窄产品（YOY+3.2%）、急性缺血性 -42% 脑卒中产品（YOY+394.2%）以及通路类产品(YOY-35.9%)。 微创脑科 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 15.50, indicating a potential upside from the current price of HKD 8.4 [1][3][11]. Core Insights - The company is expected to benefit from steady revenue growth and a reduction in expense ratios, with a projected high growth in net profit for 2024. Revenue for 2023 increased by 22% year-on-year to RMB 670 million, slightly below market expectations, but adjusted net profit saw a strong growth of 50% [3][4]. - The report highlights that despite recent concerns regarding the "3+N" procurement policy in the Beijing-Tianjin-Hebei region, the impact on revenue growth is expected to be limited due to the relatively low proportion of procedures in the affected areas [3][4]. - The company plans to enhance the promotion of its aspiration products to offset the impact of losing bids for certain products in the procurement process [3][4]. Financial Summary - Revenue is projected to continue growing steadily, with estimates of RMB 870 million for 2024, representing a year-on-year increase of 30.7% [4][5]. - The adjusted net profit is expected to reach RMB 239 million in 2024, reflecting a significant growth of 64.5% compared to 2023 [4][5]. - The report provides a detailed financial forecast, indicating a consistent increase in revenue and net profit over the next few years, with net profit margins expected to expand due to reduced expenses [4][5][9]. Market Performance - The company's stock price has shown volatility, with a recent decline of 15% over the past month and a year-to-date decrease of 31.8% [11][15]. - The report compares the company's valuation metrics with peers, indicating a PE ratio of 31.0x for 2023, which is expected to decrease to 18.8x in 2024, suggesting potential for valuation improvement [9][11]. Product Pipeline - The report outlines the company's product pipeline, emphasizing its focus on neurovascular intervention products, which are expected to drive future revenue growth [10][15]. - Key products include the Tubridge flow-diverting stent and NUMEN detachable coils, which have shown significant market uptake, particularly in public hospitals in Henan province [3][10].