Investment Rating - The report assigns a rating of "Buy" for the company, indicating an expected price increase exceeding 15% relative to the benchmark index within 6-12 months [58]. Core Insights - The company, Aide Technology, is a leading domestic player in the spinal vertebral body shaping system, benefiting from the aging population and increasing demand for orthopedic medical devices [3][28]. - The orthopedic implant medical device industry is projected to reach a market size of 24.6 billion yuan in 2024, driven by the aging population and increasing treatment penetration rates [4][36]. - The company has established a comprehensive product matrix covering 132 items across various orthopedic fields, including spinal, trauma, and sports medicine [5][35]. Summary by Sections Market Data - Total share capital is 0.89 billion shares [1]. Financial Data - The company is expected to achieve revenues of 2.86 billion yuan, 2.62 billion yuan, 2.75 billion yuan, and 3.02 billion yuan from 2022 to 2025, with year-on-year growth rates of -4.11%, -8.22%, 4.87%, and 9.74% respectively [6][47]. - Net profit for the same period is projected to be 93.28 million yuan, 63.57 million yuan, 67.13 million yuan, and 77.75 million yuan, with growth rates of -0.21%, -31.85%, 5.60%, and 15.82% respectively [6][47]. - The company's gross margin is expected to be 62.45%, 57.80%, 58.05%, and 58.90% from 2022 to 2025 [50]. Business Overview - Aide Technology focuses on the research, production, and sales of orthopedic consumables, including spinal, trauma, and sports medicine products [3][28]. - The company has been recognized as a national high-tech enterprise and has received various accolades, including "Jiangsu Province Specialized and Innovative Small and Medium-sized Enterprises" [3][28]. Competitive Position - The company ranks third among domestic manufacturers of spinal vertebral body shaping systems and sixth among spinal implant manufacturers [3][28]. - Aide Technology has a well-established national sales network and a strong communication mechanism with hospitals and orthopedic surgeons, enhancing product recognition and market penetration [5][35]. Investment Analysis - The company is positioned to benefit from the ongoing trend of centralized procurement in the industry, which is expected to normalize pricing and enhance market opportunities [4][36]. - The company’s revenue from non-procurement products is growing, helping to offset declines in procurement product revenues [47]. Use of Proceeds - The company plans to use the proceeds from its public offering for expanding orthopedic consumables production, building a research center, and enhancing its marketing network [53][54].
N爱得（920180）：国内脊柱类椎体成形系统龙头，受益人口老龄化