Core Viewpoint - The company focuses on "intervention without implantation" treatment philosophy, utilizing drug-coated balloons (DCB) and other devices to treat narrowed blood vessels without leaving permanent implants, thus avoiding related complications and preserving future treatment options [1] Group 1: Technology and Competitive Advantage - The company emphasizes a multi-technology platform including drug coating technology, radiofrequency ablation technology, suction platform technology, and material technology, which not only fosters product innovation but also reduces production costs, creating a core competitive advantage [1] Group 2: Domestic Market Dynamics - The upcoming centralized procurement policy is expected to ease pressure on the company, with its core product, peripheral drug balloons, included in the procurement scope. The new procurement rules may be more lenient compared to previous ones [1] - Recent approvals for new products such as vertebral artery DCB and coronary DCB are anticipated to mitigate growth pressures from centralized procurement [1] - The company's peripheral venous product line, including the intravascular radiofrequency ablation system and peripheral thrombectomy system, is experiencing stable growth, providing additional growth momentum [1] Group 3: International Expansion - The company has formed a deep partnership with Boston Scientific, with complementary product lines and significant long-term collaboration potential. Currently, the intravascular radiofrequency ablation system has been approved in the U.S., and the below-knee drug balloon is undergoing clinical trials in the U.S., indicating an accelerated international expansion process [1] Group 4: Investment Outlook - The company has been assigned a "Buy-A" investment rating with a 6-month target price of 15 HKD. Projected revenue growth rates for 2025 to 2027 are 19.99%, 21.99%, and 29.05%, respectively, while net profit growth rates are expected to be 130.43%, 66.62%, and 73.46%, indicating strong growth potential [1]
先瑞达医疗-B(06669.HK)：全球领先的创新型医疗器械