Core Viewpoint - Company is rated "Buy" with a target price of 15 HKD, focusing on "intervention without implantation" as its core philosophy, leveraging innovative products like drug-coated balloons (DCB) and a diverse technology platform to build competitive advantages [1] Group 1: Core Competitiveness - Company specializes in "intervention without implantation" treatment philosophy, utilizing drug-coated balloons (DCB) to expand narrowed blood vessels and release therapeutic drugs without leaving permanent implants, thus avoiding related complications and preserving future treatment options [2] - Company focuses on multiple technology platforms including drug coating technology, radiofrequency ablation technology, suction platform technology, and material technology to achieve product innovation while reducing production costs, thereby creating core competitive advantages [2] Group 2: Domestic Market Dynamics - Domestic centralized procurement policies are expected to ease, with the company's core product, peripheral drug balloons, included in the procurement scope, and the new products like vertebral artery DCB and coronary DCB recently approved for market entry, which may offset growth pressures from procurement [3] - The company's peripheral venous product line, including the venous intraluminal radiofrequency ablation system and peripheral thrombectomy system, is also experiencing stable growth, providing additional growth momentum [3] Group 3: International Expansion - Company has a deep partnership with Boston Scientific, with complementary product lines and significant long-term collaboration potential; currently, the venous intraluminal radiofrequency ablation system has been approved in the U.S., and the below-the-knee drug balloon is undergoing clinical trials in the U.S., indicating an accelerated international expansion process [4]
国投证券：首予先瑞达医疗-B“买入”评级 全球领先的创新型医疗器械