SINOMED(688108) 开源证券·2025-02-21 11:47Investment Rating - The report assigns a "Buy" rating for the company, Sainuo Medical (688108.SH), marking its first coverage [1]. Core Insights - Sainuo Medical is a leader in high-end interventional medical devices, focusing on key areas such as cardiovascular and structural heart diseases. The company has a strong technological foundation with over 190 million units used and holds more than 200 global patents [1][10]. - The company is expected to see rapid revenue growth, with projected revenues of 459 million, 596 million, and 774 million yuan for 2024, 2025, and 2026 respectively. The current stock price corresponds to a P/S ratio of 9.9, 7.6, and 5.9 for the same years, indicating a relatively low valuation compared to peers [1][4]. Summary by Sections Company Overview - Sainuo Medical, established in 2007, specializes in the research, production, and sales of high-end interventional medical devices, covering critical areas such as cardiovascular and cerebrovascular diseases. The company has launched 19 products and has a robust patent portfolio [10][11]. Market Demand and Growth - The coronary intervention market in China is expected to grow significantly due to the increasing prevalence of coronary heart disease, with the number of patients projected to rise from 25.27 million in 2020 to 31.67 million by 2030, reflecting a CAGR of 2.28% [2][38]. - The company has successfully entered the national centralized procurement for coronary stents, leading to a 99% year-on-year revenue increase in its coronary intervention business [2][28]. Financial Performance - The company reported a revenue of 343 million yuan in 2023, a 78% increase from the previous year, with a projected revenue of 459 million yuan for 2024. The gross margin for 2023 was 58.9%, indicating strong profitability [4][24]. - The net profit is expected to improve significantly, with projections of -10 million yuan in 2024 turning to 24 million yuan in 2025 and 58 million yuan in 2026 [4][24]. Strategic Initiatives - Sainuo Medical is actively expanding its international presence, with several products registered in mature markets such as Europe and the US. The company emphasizes talent development and has established subsidiaries in key regions to support its global strategy [3][33].