SINOMED(688108) 甬兴证券·2025-02-20 00:55Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for future performance [3]. Core Views - The neurointerventional industry is entering a rapid growth phase, with the market size expected to increase from RMB 58 billion in 2020 to RMB 175 billion by 2026, representing a compound annual growth rate (CAGR) of 20.1% from 2020 to 2026 [1][26]. - The company is a leading player in the domestic neurointerventional market, with a comprehensive product portfolio that includes various fields such as acute ischemia, stenosis, hemorrhage, and access [1][3]. - The company is expected to recover from previous losses and achieve profitability, with projected revenues of approximately RMB 4.48 billion, RMB 5.78 billion, and RMB 7.00 billion for 2024, 2025, and 2026, respectively [3][5]. Summary by Sections Neurointerventional Market - The neurointerventional market is characterized by a significant increase in the number of procedures, with an expected CAGR of 28.9% from 2020 to 2026 [22][23]. - The market for neurointerventional medical devices is projected to grow from RMB 28 billion in 2015 to RMB 175 billion by 2026, driven by rising disease prevalence and advancements in domestic medical devices [26][28]. Company Overview - The company was established in 2007 and began its neurointerventional business in 2016, listing on the STAR Market in 2019 [1]. - The company's flagship product, the NOVA stent, is the world's first drug-eluting stent specifically designed for intracranial artery stenosis, which is expected to drive significant revenue growth [2][38]. Financial Projections - The company is projected to achieve revenues of RMB 343 million in 2023, with a growth rate of 78.0%, and is expected to turn profitable by 2025 [5][3]. - The forecasted net profit for 2024 is expected to be RMB 0.33 billion, with a year-on-year growth rate of 86.1% [5][3]. Competitive Landscape - The company holds a competitive advantage with its NOVA stent, which has shown significant clinical efficacy compared to bare metal stents, and is positioned well in a market with limited competition [2][38]. - The neurointerventional product pipeline includes several high-barrier, high-margin new products that are anticipated to enhance the company's profitability [2][3].