SINOMED(SH:688108) Hua Yuan Zheng Quan·2025-05-06 06:02Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has achieved a turnaround in performance, with rapid growth in its coronary artery business [5] - The company reported a revenue of 459 million yuan for 2024, representing a year-on-year growth of 33.64%, and a net profit of 1.498 million yuan, marking a return to profitability [7] - The company expects revenues of 615 million yuan in 2025, with a year-on-year growth rate of 34.02% [7] Financial Performance Summary - Revenue projections for 2023 to 2027 are as follows: 343 million yuan (2023), 459 million yuan (2024), 615 million yuan (2025E), 832 million yuan (2026E), and 1,025 million yuan (2027E) [6][8] - The company anticipates a significant increase in net profit from -40 million yuan in 2023 to 10 million yuan in 2025E, and 24 million yuan in 2027E, with growth rates of 552.90% and 44.09% respectively [6][8] - The gross margin for the main business in 2024 is projected to be 62.01%, an increase of 3.46 percentage points year-on-year [7] Business Segment Performance - The company's stent revenue for 2024 is expected to be 261 million yuan, a year-on-year increase of 37.61%, while balloon revenue is projected at 181 million yuan, up 24.15% [7] - The coronary intervention business revenue is projected to reach 253 million yuan in 2024, reflecting a year-on-year growth of 59.19% [7] - The neurointervention business is expected to generate 205 million yuan in revenue, with a year-on-year growth of 13.08% [7] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 2,677.62 for 2024, decreasing to 170.47 by 2027 [6][8] - The price-to-sales (P/S) ratio is expected to decline from 8.74 in 2024 to 3.91 in 2027 [8]