Investment Rating - The report gives a "Strong Buy" investment rating for the company, marking its first coverage [2][4]. Core Insights - The company is a leading innovative medical device platform focused on providing comprehensive vascular intervention solutions, having launched the first knee and below DCB products in China, establishing a leading position in the peripheral intervention field [1][12]. - A new three-year cooperation agreement with Boston Scientific was signed in December 2025, which includes global commercialization, manufacturing services, and R&D collaboration [2][15]. - The company is expected to see significant profit growth, with projected net profits of 120 million, 220 million, and 320 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 137.7%, 73.3%, and 49.7% [2][3]. Financial Data and Valuation - Total revenue is projected to grow from 474 million yuan in 2023 to 1.238 billion yuan in 2027, with a compound annual growth rate (CAGR) of 33.7% [3][21]. - The company’s net profit is expected to increase from 15 million yuan in 2023 to 322 million yuan in 2027, with significant year-on-year growth [3][21]. - The price-to-earnings (PE) ratio is projected to decrease from 266.5 in 2023 to 12.0 in 2027, indicating improving valuation as earnings grow [3][4]. Product and Market Position - The company has established a multi-technology platform since 2011, with over 30 products approved by 2025, covering vascular surgery, cardiology, nephrology, and neurology [8][12]. - The product lineup includes mature products like DCB and PTA balloons, which are the main revenue sources, and growing products like peripheral suction systems and RF ablation systems, which are expected to drive future growth [8][28]. - The company has a strong market position in the peripheral DCB sector, being the first to market with its products and holding a leading market share [28][42]. Collaboration and Growth Strategy - The partnership with Boston Scientific is expected to enhance the company's global reach and product development capabilities, leveraging Boston Scientific's extensive distribution network [2][15]. - The agreement includes provisions for shared resources in product commercialization and R&D, which will likely accelerate the company's growth trajectory in international markets [15][17]. Revenue Growth and Performance - The company has shown a consistent increase in revenue, with a notable rise from 125 million yuan in 2019 to an expected 534 million yuan in 2024, driven by the successful launch of new products [21][23]. - The revenue from the company's venous intervention products has significantly increased, contributing to a growing share of total revenue [23][31]. Future Outlook - The company is well-positioned for future growth with a robust pipeline of products in various stages of development, including innovative DCB products and other vascular intervention solutions [28][31]. - The expected increase in the number of patients requiring vascular interventions in China provides a favorable market environment for the company's continued expansion [34][40].
先瑞达医疗-B（06669）：波科赋能海外可期，新产品带来增长