三友医疗（688085）：脊柱集采出清，全球化布局脊柱机器人+超声骨刀

Investment Rating - The report gives a "Buy" rating for the company [1] Core Views - The company is positioned as an innovative domestic orthopedic enterprise driven by medical engineering, focusing on spinal implant consumables and ultrasound bone knife technology, with strong market competitiveness [4][5] - The company has a clear ownership structure with its three co-founders as actual controllers, and it has been actively expanding into new business areas despite traditional business challenges [20][21] - The company is expected to see significant revenue growth in the coming years, driven by domestic and international market expansion in spinal consumables and active devices [7][10] Summary by Sections Company Overview - The company specializes in the research, production, and sales of medical orthopedic implant consumables, particularly in the spinal segment, and has a strong original innovation capability [15] - The management team has extensive experience in multinational medical device companies, ensuring a global perspective in operations [17] Market Dynamics - The orthopedic implant market has been affected by centralized procurement policies, leading to a significant price drop in spinal and trauma implant consumables [5][29] - The company has been increasing its market share in the domestic market despite a challenging environment, with sales of its vertebral body augmentation system and pouch products growing over 50% and 45% respectively in 2024 [5] Product Ecosystem - The company is building a product ecosystem around its JAZZ series, ultrasound bone knife, and orthopedic robots, enhancing its competitive edge [6] - The ultrasound bone knife technology is gaining recognition in the market, with the company actively participating in international exhibitions [6][45] Financial Projections - Revenue is projected to grow from 599 million yuan in 2025 to 952 million yuan in 2027, with net profit expected to increase significantly during the same period [7][10] - The company’s gross margin is expected to improve, reflecting a recovery from the impacts of centralized procurement [10][25] Competitive Landscape - The spinal implant market in China is expected to grow, with domestic companies gaining market share as they replace imported products [36][37] - The company is well-positioned to benefit from the ongoing trend of domestic substitution in the orthopedic implant market [36]