建发致新：9月16日申购，2024年营收179.23亿

Core Viewpoint - Jianfa Zhixin is set to launch its online subscription on September 16, with an issue price of 7.05 yuan per share and a price-to-earnings ratio of 13.01 times, marking its entry into the ChiNext board [1] Company Overview - Jianfa Zhixin is a national medical device distributor engaged in direct sales and distribution, providing SPD (Surgical Procedure Distribution) services [1] - The company is projected to achieve a revenue of 17.923 billion yuan and a net profit of 274 million yuan in 2024, with a compound annual growth rate (CAGR) of over 20% in revenue over the next five years [1] Business Model - As a leading enterprise, Jianfa Zhixin connects various stakeholders, covering direct sales, distribution, and SPD services [1] - The company serves over 3,300 terminal medical institutions through direct sales and collaborates with over 100 manufacturers for distribution [1] - Jianfa Zhixin aims to create a "national integrated medical device distribution hub" through a platform management model, addressing issues in traditional distribution methods and promoting industry refinement and intelligence [1] Market Focus - In 2024, the combined revenue from vascular intervention and surgical medical devices is expected to exceed 13.8 billion yuan, with a focus on high-value consumables [1] - High-value medical consumables are projected to account for 16% of the medical device market in 2024, indicating significant growth potential [1] - Jianfa Zhixin leverages its direct sales advantages to meet terminal procurement needs, aiming to solidify its position in the high-value consumables market [1] SPD Business Development - The company is actively developing its SPD business, with a target of signing contracts with 60 hospitals by the end of 2024, and anticipates service revenue of 120 million yuan in the first half of 2025 [1] - Fundraising projects are expected to enhance the company's engagement with medical institutions [1]