微创医疗(0853):2024年利润端达到业绩指引，公司扭亏为盈在即

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential relative price increase of over 15% within the next six months [4][29]. Core Views - The company is expected to achieve profitability in 2024, with significant improvements in net loss, which narrowed by 58.6% year-on-year to a loss of 269 million USD [2][3]. - Revenue for 2024 reached 1.031 billion USD, reflecting a year-on-year growth of 9.6% (excluding exchange rate effects), although this growth was slightly below expectations due to price adjustments from domestic industry procurement policies [2][3][8]. - The company is focusing on cost reduction and efficiency improvements, which are anticipated to support its path to profitability [12][14]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.031 billion USD, with a year-on-year growth of 9.6% [2][3]. - The net loss for 2024 was 269 million USD, a significant reduction from the previous year's loss of 646 million USD [2][3]. - EBITDA turned positive, improving from a loss of 370 million USD in the previous year to a profit of 60 million USD [2][3]. Business Segments - The coronary business generated 166 million USD in revenue, growing by 9.9%, with domestic sales increasing by 2.0% and overseas sales by 47.0% [9]. - The orthopedic segment achieved 253 million USD in revenue, up 6.2%, with domestic sales rising by 26.1% [9]. - The self-owned product export business saw a remarkable growth of 84.7%, reaching 96 million USD in revenue [3][10]. Future Outlook - For 2025, the company is expected to continue its growth trajectory, with projected revenues of 1.141 billion USD, representing a growth rate of 10.67% [15][16]. - The company anticipates achieving a significant reduction in losses, with a forecasted net profit of -53 million USD for 2025, followed by a profit of 91 million USD in 2026 [15][16]. - The ongoing global expansion of self-owned products is expected to be a key growth driver, with the company entering over 100 countries and regions [10][11].