Lepu Medical(SZ:300003) NORTHEAST SECURITIES·2025-06-27 09:21Investment Rating - The report assigns a "Buy" rating for the company [4][18]. Core Views - The company is accelerating its diversification transformation in the cardiovascular platform, entering the medical aesthetics field with the approval of its polylactic acid facial filler, which is expected to grow significantly in market size by 2030 [1][4]. - The company holds a 13.17% stake in Lepu Biopharma, which is advancing its PD-1 commercialization and ADC pipeline, contributing to cash flow and potential future growth [1][4]. - The company is a leading provider of comprehensive solutions in the cardiovascular department, with continuous expansion of its product pipeline across devices, pharmaceuticals, and services [4][12]. Financial Summary - Revenue projections for 2025-2027 are estimated at 67.81 billion, 74.63 billion, and 81.41 billion CNY, respectively, with net profit forecasts of 9.27 billion, 11.91 billion, and 13.65 billion CNY [4][5]. - The company is expected to experience a revenue growth rate of 11.11% in 2025, following a decline in 2024 [5][15]. - The projected PE ratios for 2025-2027 are 26X, 21X, and 18X, indicating a potential for valuation improvement [4][5]. Market Position - The company is positioned as a leader in the cardiovascular device market, with a significant share in the medical aesthetics sector and ongoing development in the pharmaceutical space [1][4][12]. - The report highlights the expected growth in the medical aesthetics market, with a compound annual growth rate of approximately 23% from 2024 to 2030 [1][4].