建发致新：多元战略驱动，上市开拓增长新空间

Core Viewpoint - Jianfa Zhixin (301584.SZ) is set to go public on the ChiNext board with an issue price of 7.05 yuan per share and a price-to-earnings ratio of 13.01 times, indicating strong growth potential in the medical device distribution sector [1] Group 1: Business Overview - Jianfa Zhixin is a national medical device distributor engaged in direct sales and distribution, providing centralized operation services for medical consumables (SPD) to hospitals [1][2] - The company has established a comprehensive distribution network covering over 3,300 medical institutions across 31 provinces, with partnerships with over 100 well-known medical device manufacturers [2][3] - The company has achieved a compound annual growth rate of over 20% in revenue over the past five years, with projected revenue of 17.923 billion yuan and a net profit of 274 million yuan for 2024 [1][4] Group 2: Market Position and Strategy - Jianfa Zhixin focuses on high-value medical consumables, with significant revenue contributions from vascular intervention (9.967 billion yuan) and surgical medical devices (3.847 billion yuan), totaling over 13.8 billion yuan [4] - The high-value medical consumables market is expected to grow, driven by factors such as an aging population and improved healthcare standards, with a market share of 16% in 2024 [5][6] - The company aims to expand its sales in IVD, surgical, dental, and ophthalmic medical device sectors while consolidating its core vascular intervention product sales [6] Group 3: Innovation in Business Model - Jianfa Zhixin has developed an integrated national medical device distribution hub, utilizing innovative platform management to provide comprehensive services across the supply chain [3] - The SPD business model has been rapidly developed, managing over 100 billion yuan in medical consumables for 60 signed hospitals, with a significant revenue increase projected for 2025 [7][8] - The SPD model enhances collaboration with hospitals, improving procurement efficiency and reducing costs, while also creating synergies with direct sales and distribution operations [8]