Core Viewpoint - The company is a leader in domestic neuro and peripheral interventional medical devices, with strong commercialization capabilities and rapid sales growth driven by the gradual implementation of domestic centralized procurement [1][2] Group 1: Investment Highlights - The company is covered for the first time with a "Buy" rating, forecasting EPS of 0.70/0.89/1.14 RMB for 2025-2027, and assigning a target price of 33.5 RMB/36.4 HKD for 2025 based on a 48X PE ratio [1] - The company has established a comprehensive product pipeline with 73 products and in-development combinations as of August 2025, including 51 products approved by NMPA and 8 products certified by EU CE [1] Group 2: Domestic Market Performance - Since the launch of a major product at the end of 2020, the company has built a wide distribution network covering over 3,000 hospitals, leading to rapid sales growth in neurovascular and peripheral vascular interventions [2] - In the first half of 2025, sales revenue for neurovascular intervention products increased by 25.0% year-on-year, while peripheral vascular intervention products saw a 46.2% year-on-year increase [2] Group 3: International Market Expansion - The company's international business grew by 36.9% year-on-year in the first half of 2025, primarily driven by markets in Europe and Asia [2] - The company has established sales of 22 products across 27 overseas countries/regions and is deepening its presence in key European markets while expanding into emerging markets like Brazil, India, and South Africa [2] - Strategic partnerships with over 60 local partners have been formed, covering a total of 52 countries and regions globally [2]
归创通桥(2190.HK)：神经外周介入两翼齐驱 业绩高速增长