【私募调研记录】宁聚资产调研乐普医疗

Group 1 - The core viewpoint of the article highlights that Ningju Asset has conducted research on Lepu Medical, focusing on its future profit growth expectations from various business segments including structural heart, dermatology, and neuroregulation [1] - Lepu Medical has set profit margin assessments for each business segment and aims to control costs to maintain healthy cash flow [1] - The trend of centralized procurement may become milder, with significant differences across provinces [1] - The impact of US-China tariffs on the company is limited, and the domestic substitution process for some products may accelerate [1] - The sales target for coronary intervention business is a 10% year-on-year growth, with successful promotion of new products [1] - The non-invasive blood glucose meter is undergoing further testing [1] - The candidate drug MWN101 has completed phase II clinical trials [1] - The brain-computer interface business is in the incubation stage [1] - The market share of coronary stents has not met expectations, leading the company to place more emphasis on this business since last year [1] - The AI business will increasingly integrate with hardware devices [1] - Opportunities exist for DSA product promotion due to the backdrop of US-China economic and trade disputes [1] - The cardiac electrophysiology sector is crowded, prompting the company to focus more on the neuroregulation pipeline [1] - The TAVR product aims to enhance its popularity through reasonable pricing [1] Group 2 - Ningju Investment is a professional institution focused on investment research in the financial securities market, providing various asset management services to institutional investors and high-net-worth clients [2] - It is one of the first 100 private fund management companies approved for registration in China [2] - Ningju Investment manages over 30 private funds across six major series, with investment scope covering bonds, stocks, futures, options, and various structured financial products [2]