Core Viewpoint - 中金 maintains its earnings forecast for Peijia Medical-B (09996) for 2025/26 and keeps its outperform rating unchanged, citing a recovery in the Hong Kong pharmaceutical sector and the expected approval of multiple new products by mid-2026 [1] Group 1: TAVR Business Performance - In 1H25, TAVR (transcatheter aortic valve replacement) revenue reached 162 million HKD, a year-on-year increase of 25%, with over 2,050 units implanted, up 19.8% [2] - The company achieved its first commercial profitability in the valve segment with a profit of 29 million HKD, and the R&D expense ratio decreased by 16.7 percentage points to 33.5% [2] - The company anticipates that three important products, including regurgitant TAVR, long-acting TAVR, and mitral valve clips, will be approved between the end of 2025 and mid-2026, potentially reshaping the competitive landscape in China [2] Group 2: Neurointervention Business Outlook - In 1H25, neurointervention revenue was 192 million HKD, a year-on-year increase of 12%, with segment profit reaching 41 million HKD, up 42.4%, resulting in a net profit margin of 21% [3] - The domestic launch of DCwire micro-guidewires saw a revenue increase of 140%, and the company expects to obtain US 510(k) approval for this product by the end of 2025 [3] - The company remains optimistic about accelerating growth in the neurointervention segment in 2H25, projecting a year-on-year revenue growth of 20-30% for the entire year of 2025 [3]
中金：维持沛嘉医疗-B(09996)跑赢行业评级 升目标价至10港元