Group 1 - The core viewpoint of the report is that Xianruida Medical-B (06669) is given a "strong buy" investment rating due to its innovative capabilities and product strength, supported by the global platform of its controlling shareholder, Boston Scientific, which enhances performance certainty through collaboration in overseas expansion and new product development [1] Group 2 - Xianruida is a leading domestic company focused on providing comprehensive vascular intervention solutions, having launched the first knee and below DCB products in China, and is positioned at the forefront of the peripheral intervention field [1][2] Group 3 - The company has established a multi-technology platform since 2011, developing drug-coated balloon (DCB) and percutaneous transluminal angioplasty (PTA) products, achieving a comprehensive layout in the peripheral intervention field with over 30 listed products by H1 2025, covering vascular surgery, cardiology, nephrology, and neurology [2] Group 4 - The product lineup is structured in a "pyramid" model, with mature products like DCB and PTA balloons being the main revenue source, while growth products such as peripheral suction systems and radiofrequency ablation systems are expected to drive future revenue growth [3] Group 5 - A new three-year cooperation agreement was signed with Boston Scientific for 2026-2028, which includes global commercialization, product manufacturing, and R&D support, with projected sales to Boston Scientific reaching up to $30 million, $62 million, and $78 million in the respective years [4]
招商证券:首予先瑞达医疗-B“强烈推荐”评级 波科赋能海外可期