MICROPORT-中金：上调微创医疗(00853)目标价至11港元评级“跑赢行业”

Core Viewpoint - The company is expected to reduce losses in 2024, with a forecasted net loss of $39.54 million for 2025 and a projected net profit of$ 73.81 million for 2026, maintaining an outperform rating [1] Financial Performance - In 2024, the company reported revenue of $1.031 billion, a year-on-year increase of 9.6% after excluding currency effects, with a loss of$ 268 million compared to a loss of $649 million in 2023 [2] - The net loss attributable to shareholders was$ 214 million in 2024, down from $478 million in 2023, indicating effective cost control despite slightly lower-than-expected revenue due to price reductions and centralized procurement [2] Business Segments - The orthopedic and cardiac rhythm management segments showed improvement, with orthopedic revenue up 6.2% and net loss narrowing by 67.1%, achieving positive EBITDA [3] - In the orthopedic sector, revenue in China increased by 26.1%, with expectations of a 10% year-on-year growth in 2025 [3] - Cardiac rhythm management revenue grew by 7.2%, with a significant 51.3% increase in China, and is expected to see 5-7% growth in 2025 [3] Market Dynamics - Domestic market performance showed mixed results, with coronary revenue up 2.0% and neuro-interventional revenue up 8.3%, while international revenue surged by 84.7% to$ 95.8 million [3] - The company anticipates international revenue could reach approximately $170 million in 2025, reflecting an 80% year-on-year growth [3] Future Outlook - The company expects to continue reducing losses significantly in 2025, with a projected gross margin of 53-54% and a further decrease in expense ratios [4] - Anticipated gains from the sale of subsidiaries and non-core assets are expected to contribute around$ 100 million in 2025 [4] - The company is on track to potentially achieve profitability around 2026 [4]