Nanjing Medlander Medical Technology (SH:688273) EBSCN·2026-01-05 07:39Investment Rating - The report gives a "Buy" rating for the company, with a target price of 56.65 CNY, corresponding to a PE ratio of 44 times for 2026 [4][6][15]. Core Insights - The company, 麦澜德, is a leader in the pelvic floor dysfunction (PFD) market in China, focusing on women's health and beauty through a dual-driven model of "medical + consumer" [1][3]. - The company has established a comprehensive product matrix covering the entire lifecycle of women's health, including pelvic floor rehabilitation, reproductive health, anti-aging, and sports rehabilitation [1][3][4]. - The company has a strong technological foundation with various energy source technologies and has developed an AI-assisted pelvic rehabilitation diagnosis and treatment system that is internationally leading [2][4]. Summary by Sections Company Overview - 麦澜德 was founded in 2013 and has become a leading brand in the domestic PFD market, focusing on the research, production, and sales of pelvic and obstetric rehabilitation devices [1][22]. - The company has expanded its product offerings through self-research and acquisitions, covering over 8,700 hospitals and 6,000 outpatient professional institutions by mid-2025 [1][22]. Market Potential - The prevalence of PFD among women in China is high, with over 280 million potential patients, indicating a vast market demand [2][4]. - The company has established a full-cycle service model from screening to home rehabilitation, enhancing clinical efficiency and precision [2][4]. Business Growth - The company has seen a compound annual growth rate (CAGR) of 19.8% in revenue and 10.4% in net profit from 2018 to 2024 [1][4]. - The reproductive health and anti-aging product lines are expected to grow at a CAGR of 90.1% from 2021 to 2024, driven by increasing health awareness and aging population [3][4]. Technological Advancements - The brain-computer interface (BCI) market is projected to grow significantly, with the company actively developing high-barrier BCI technologies and participating in national-level research projects [4][4]. - The company plans to launch BCI-related products starting in 2026, which are expected to contribute to revenue [4][4]. Financial Projections - The company forecasts net profits of 1.09 billion CNY, 1.30 billion CNY, and 1.57 billion CNY for 2025, 2026, and 2027, respectively, with growth rates of 8%, 19%, and 22% [4][5]. - The projected revenue for 2025 is 4.69 billion CNY, with a growth rate of 10.5% [5][12].