Core Viewpoint - Goldman Sachs maintains a "Buy" rating for Aikang Medical (01789) while slightly lowering the EPS forecasts for 2025-2026 by 2.7% and 3.1% respectively, reflecting a conservative outlook on gross margin improvement post-volume-based procurement (VBP) and introducing forecasts for 2027 [1] Financial Performance - The company reported revenue of 689 million RMB, a year-on-year increase of 54.8%, and a net profit of 135 million RMB, up 172% year-on-year, with a net profit margin of 19.5% [2] - Operating cash flow significantly improved from 344 million RMB in FY2023 to 450 million RMB in FY2024, attributed to reduced inventory days and procurement volume [2] Market Position - Aikang currently holds a 20% market share in the domestic market and is focusing on increasing its presence in top-tier hospitals, with market share in the top 10 hospitals rising from 8% in 2021 to 19% in 2024 [3] International Expansion - Overseas revenue grew by 21% year-on-year, with a 38% increase when including collaborative sales, as the company expands into emerging markets [4] - The company aims to increase the proportion of overseas revenue from 20% in FY2024 to 30% over the next five years [4] Digital Transformation - Aikang's second-generation knee joint robotic system is expected to receive approval from the National Medical Products Administration (NMPA) in 2025, with anticipated revenue from integrated solutions reaching 100 million RMB within three years [5]
高盛：维持爱康医疗“买入”评级 目标价79港元