Company Updates - A major shareholder, Otsuka Pharmaceutical, has proposed a share sale plan, with buyers including Shanghai Shendi Group, We'Tron Capital Limited, and the company's management investment platform [1] - Otsuka previously held approximately 20.7% of the company's shares, selling 7.3% to Shanghai Shendi, 7.3% to We'Tron Capital Limited, and 1.1% to the management platform, retaining about 5% [1] - The entry of state-owned capital from Shanghai Shendi reflects recognition of the company's assets, potentially aiding core business expansion and strategic acquisitions while improving corporate governance [1] Business Performance - The company's core businesses are gradually recovering from the impact of centralized procurement, with expectations of price stabilization and new product contributions leading to revenue growth [2] - By July 2025, it is anticipated that most major products will have cleared the price reduction effects from centralized procurement, with a positive outlook on the penetration rate of minimally invasive procedures and domestic product localization [2] International Expansion - The company has a rich pipeline of cardiovascular and surgical robot products, demonstrating strong global competitiveness [2] - By the end of 2024, the company's products are expected to be in 40 major countries, supported by 20 mature overseas subsidiaries and 670 sales personnel, with projected overseas revenue of $9.6 million in 2024 and over 80% year-on-year growth in 2025 [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged, maintaining an outperform rating for the industry [2] - The target price has been raised by 54.5% to HKD 17 based on a DCF model, indicating a 31% upside potential from the current price [2]
微创医疗(00853.HK)：股东变动落地 高耗龙头拐点已至