Core Viewpoint - Guichuang Tongqiao (02190) is covered for the first time by Guotai Junan with a "Buy" rating, projecting EPS for 2025-2027 at 0.70/0.89/1.14 RMB, and setting a target price of 33.5 RMB / 36.4 HKD based on a 48X PE for 2025 [1] Group 1: Business Overview - Guichuang Tongqiao, established in 2012, focuses on peripheral and neurovascular interventional medical devices, with a comprehensive product pipeline of 73 products as of August 2025, including 51 approved by NMPA and 8 with EU CE certification [2] - The company has effectively leveraged its platform-based layout to capture procurement opportunities, resulting in rapid performance growth [2] Group 2: Commercialization and Market Expansion - Since the launch of a major product at the end of 2020, the company has built a distribution network covering over 3,000 hospitals, leading to significant sales growth in neurovascular and peripheral vascular interventions, with sales revenue increasing by 25.0% and 46.2% year-on-year respectively in H1 2025 [3] - The international business grew by 36.9% year-on-year in H1 2025, primarily driven by markets in Europe and Asia, with products covering 7 of the top 10 global markets [4] - The company has established strategic partnerships with over 60 local partners, expanding its reach to 52 countries and regions globally, while deepening its presence in key European markets and emerging markets like Brazil, India, and South Africa [4]