Investment Rating - The report gives a "Recommend" rating for the company's stock (首次覆盖) [3] Core Views - The company is a leading domestic player in the neurointervention field, with a comprehensive product portfolio covering three major areas of cerebrovascular diseases: hemorrhagic stroke, cerebral atherosclerosis stenosis, and acute ischemic stroke [8] - The company has a strong R&D pipeline and a history of rapid revenue growth, with a CAGR of 38% from 2019 to 2023 [8] - The company is expected to benefit from industry growth and import substitution, with projected net profits of 233 million, 281 million, and 369 million yuan for 2024, 2025, and 2026, respectively [12] Company Overview - The company, formerly the neurointervention business unit of MicroPort Scientific, was established in 2012 and went public on the Hong Kong Stock Exchange in 2022 [26] - It holds a 53.35% stake in MicroPort Scientific and has a total market capitalization of 4.851 billion yuan [2] - The company has a total of 584.6 million shares outstanding, with a net asset per share of 2.93 yuan and a debt-to-asset ratio of 17.94% [2] Financial Performance - Revenue is projected to grow from 547 million yuan in 2022 to 1.277 billion yuan in 2026, with a CAGR of 21.4% [7] - Net profit is expected to increase from -22 million yuan in 2022 to 369 million yuan in 2026, with a significant turnaround in 2023 [7] - Gross margin is forecasted to remain stable at around 70% from 2024 to 2026 [7] Product Portfolio - The company has a comprehensive product lineup, including flow diverters, coils, covered stents, and thrombectomy devices, covering all key areas of cerebrovascular diseases [32] - Key products include the Tubridge flow diverter, Numen coils, and the Apollo stent, which holds a 60% market share in intracranial stenosis treatment [33] - The company is also developing next-generation products, such as the Tubridge Plus flow diverter, which is expected to enhance its competitive position in the hemorrhagic stroke market [100] Market Position - The company is the fourth-largest player in the domestic neurointervention market and the leading domestic brand, with a market share of 44% for its Tubridge flow diverter in 2020 [26][100] - It has a strong presence in over 3,300 hospitals in China, including more than 1,800 tertiary hospitals and all top 100 stroke centers [36] Industry Outlook - The domestic neurointervention market is expected to grow from 5.8 billion yuan in 2020 to 17.5 billion yuan in 2026, with a CAGR of 20.1% [63] - Hemorrhagic stroke treatment is the largest sub-segment, accounting for 65.5% of the market in 2020, while acute ischemic stroke is expected to be the fastest-growing segment [63] - Domestic companies are gradually gaining market share, with the company well-positioned to benefit from import substitution and industry growth [64]
微创脑科学：国产神经介入龙头迎风起航