Investment Rating - The report maintains a "Buy" rating for the company [1][9]. Core Views - The company's performance is rapidly growing, aligning with market expectations, driven by significant progress in overseas business and an increase in domestic market share of key products [5][8]. - The company is a leading player in the neuro-interventional field, with a comprehensive product portfolio and extensive sales network, positioning it well for long-term growth [8][9]. Financial Performance - In 2024, the company is projected to achieve revenue of 762 million yuan, a year-on-year increase of 14.43%, and a net profit of 254 million yuan, up 74.63% [4]. - The company’s overseas revenue is expected to reach 75.3 million yuan in 2024, reflecting a substantial growth of 137.6% year-on-year [5]. - The gross profit margin is projected to be 73.0% in 2024, with a net profit margin of 32.7% [6][9]. Product Performance - The revenue from hemorrhagic stroke products is expected to be 402 million yuan in 2024, a decrease of 5.5% due to policy impacts, while the revenue from atherosclerotic stenosis products is projected to grow by 74.6% to 268 million yuan [6]. - The acute ischemic stroke product line is anticipated to generate revenue of 46.74 million yuan in 2024, marking an 82.0% increase [6]. Market Position - The company holds the largest market share in the domestic neuro-interventional device sector, with a broad coverage of approximately 3,400 hospitals, including over 2,000 tertiary hospitals [8]. - The company is actively participating in centralized procurement opportunities, which has allowed it to secure significant market share [8]. Future Projections - The company is expected to achieve net profits of 319 million yuan, 404 million yuan, and 508 million yuan in 2025, 2026, and 2027 respectively [9].
微创脑科学（02172）：业绩保持快速增长，核心产品表现亮眼