Core Viewpoint - The report from Everbright Securities indicates that MicroPort Medical (00853) is expected to achieve continuous loss reduction due to factors such as the impact of centralized procurement, cost reduction measures, and a focus on core business, with net profit forecasts for 2025 and 2026 adjusted to -30 million and -96 million USD respectively, and a new forecast for 2027 set at 133 million USD [1] Group 1: Company Announcements - The company recently announced that it will terminate the consolidation of MicroPort Brain Science due to its inability to control it, while still maintaining significant influence [2] - MicroPort Heart Communication held a shareholders' meeting to approve a major asset restructuring proposal for the acquisition of MicroPort Rhythm Management, which will enhance the integration of its structural heart disease and rhythm management core business segments [2] Group 2: Governance and Growth - The governance structure has improved with the strategic investment from a fund under Shanghai Shenda Capital, which is expected to inject new momentum into governance and business development [3] - The recent restructuring of the rhythm management and structural heart disease business aims to create a comprehensive heart disease platform, integrating AI diagnostic and algorithm technology with existing treatment technologies [3] - The company is actively building a global commercialization platform to support the international expansion of its products, with overseas revenue reaching 59.8 million USD in the first half of 2025, a year-on-year increase of 57.3% [3] Group 3: Financial Performance - The company has significantly improved its profitability through a focus on core business and resource optimization, with a revenue of 548 million USD in the first half of 2025, a year-on-year decrease of 2.0% [4] - The net loss narrowed significantly from 107 million USD in the same period last year to 36.36 million USD, indicating a turning point in operations [4] - The improvement in profitability is attributed to effective cost control, with operational expense ratio optimized by 8.1 percentage points and R&D expense ratio reduced from 20.6% to 13.2% [4] - The company has set performance targets to limit net losses to no more than 110 million USD in the first half of 2025 and no more than 55 million USD for the entire year, with a target of achieving net profits of at least 45 million USD in the first half of 2026 and at least 90 million USD for the full year [4]
光大证券:维持微创医疗(00853) “买入”评级 降本增效成果显著