迈普医学(301033)重大事项点评：拟以3.35亿元收购易介医疗 收购稳步推进中

Core Viewpoint - The company plans to acquire 100% equity of Yijie Medical for a total price of 335 million yuan, consisting of 301 million yuan in shares and 34 million yuan in cash [1]. Group 1: Acquisition Details - The proposed share issuance for the asset purchase will involve 7.27 million shares, accounting for 9.84% of the total share capital post-issuance, with an issuance price of 41.40 yuan per share [2]. - The company intends to raise 134 million yuan by issuing 2.33 million shares to the controlling shareholder, Yuan, at a price of 57.35 yuan per share [2]. Group 2: Financial Projections - Yijie Medical's projected net profits from 2025 to 2029 are forecasted to be -19.11 million yuan, -3.17 million yuan, 14.87 million yuan, 33.36 million yuan, and 52.01 million yuan, respectively, with adjusted net profits (excluding share payment expenses) being -15.35 million yuan, 0.05 million yuan, 18.08 million yuan, 36.57 million yuan, and 55.22 million yuan [2]. - The original shareholders of Yijie Medical have committed to achieving net profits (after excluding non-recurring losses) of at least -19.10 million yuan, -3.16 million yuan, 14.87 million yuan, 33.36 million yuan, and 52.01 million yuan for the years 2025 to 2029 [2]. Group 3: Strategic Implications - The acquisition of Yijie Medical may enable the company to create an integrated solution for neurosurgery, leveraging the high overlap of terminal hospitals between Yijie Medical and the company [2]. - The acquisition is expected to assist the company in expanding its biocomposite material technology from the implantation field to the interventional field [2]. Group 4: Control and Ownership - Prior to the restructuring, the controlling shareholder Yuan held a total of 32.97% of the listed company's shares through a concerted action agreement; post-restructuring, if the agreement remains in effect or is renewed, Yuan's control will increase to 37.88% [3]. Group 5: Profit Forecast - The company maintains its profit forecast (not considering the impact of the acquisition of Yijie Medical), expecting net profits attributable to the parent company to be 110 million yuan, 160 million yuan, and 220 million yuan for 2025-2027, representing year-on-year growth of 43.5%, 39.3%, and 40.0%, respectively [3]. - Corresponding EPS for the same period is projected to be 1.70 yuan, 2.37 yuan, and 3.31 yuan [3].