Group 1 - The core viewpoint of the report is that Xintai Medical (02291) is rated "outperform" with a target price of 26.62 CNY / 28.94 HKD, based on its comprehensive product layout and strong development in new business segments [1] - The company achieved a revenue of 330 million CNY in H1 2025, representing a year-on-year growth of 32.4%, and a net profit attributable to shareholders of 182 million CNY, with a year-on-year increase of 29.8% [1] - Xintai Medical is a leader in congenital heart disease interventional medical devices in China, with traditional business benefiting from biodegradable technology and the introduction of heart valve products as a second growth curve [1] Group 2 - The penetration rate of cardiac valve interventional surgeries in China is low, indicating significant market potential, with a projected CAGR of 69.8% from 2021 to 2025 [2] - The ScienCrown transcatheter aortic valve system, as the world's first self-expanding short valve with balloon expansion advantages, achieved over 40 million CNY in sales within six months [2] - The sales growth of this product is expected to accelerate as the commercialization process deepens [2]
海通国际：首予心泰医疗(02291)“优于大市”评级 目标价28.94港元