Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation that the industry index will outperform the benchmark index by more than 5% in the next 3-6 months [4][26]. Core Views - The company has launched a new stock incentive plan, reflecting confidence in its performance growth. The performance targets for the plan are set to achieve revenue growth rates of no less than 23%, 61%, and 103% from 2023 to 2026, with corresponding revenue targets of 284 million, 372 million, and 469 million yuan [4][24]. - The impact of centralized procurement has shifted from negative to positive, with expectations for steady growth in the hard dura mater product line. The company anticipates that centralized procurement will accelerate market penetration for three specific products [4][24]. - The company is expanding the indications and application departments for existing products while continuously developing new products, which is expected to further enlarge the market potential for its hemostatic gauze and dura glue products [4][24]. - The overseas market is experiencing sustained high growth, with a compound annual growth rate (CAGR) of 35% from 2017 to 2023. The global neurosurgical device market is projected to grow at a CAGR of 12.5% from 2022 to 2027 [4][24]. Financial Summary - The company forecasts total revenue of 289 million yuan for 2024, with a year-on-year growth rate of 25.4%. The net profit attributable to the parent company is expected to be 61 million yuan, representing a growth of 49.1% [25]. - Earnings per share (EPS) are projected to be 0.92 yuan in 2024, with a price-to-earnings (P/E) ratio of 42 [25][27]. - The target price for the company's stock is set at 51 yuan, based on a valuation of 55 times the expected earnings for 2024 [26].
迈普医学：重大事项点评：发布24年限制性股票激励计划，彰显长期发展信心