Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Views - The report maintains a "Buy" rating, highlighting positive results from the national procurement renewal, which is expected to lead to a strong recovery in the company's core business. The forecasted EPS for 2024-2026 is maintained at 0.23, 0.33, and 0.44 yuan respectively [3][4]. - The company has successfully overcome the negative impacts from the low pricing in the first round of national procurement, with a slight increase in the procurement demand share to 15% compared to the first round in 2021. Key products have shown improved market positions, with the company maintaining the leading share in several categories [3][4]. - The new procurement results are expected to provide a competitive advantage, with significant price increases for key products compared to the first round. The average price difference has decreased significantly, allowing for better profit margins for distributors [3][4]. Financial Summary - The financial summary indicates a revenue forecast of 761 million, 1,052 million, 1,094 million, 1,422 million, 1,859 million, and 2,376 million yuan for the years 2024E to 2026E, with a year-on-year growth rate of 30% for 2024E [4]. - The gross profit is projected to be 499 million, 636 million, 674 million, 880 million, 1,153 million, and 1,476 million yuan for the same period, reflecting a strong recovery trajectory [4]. - Net profit forecasts are 93 million, 205 million, 182 million, 263 million, 370 million, and 495 million yuan, indicating a significant rebound from previous years [4]. Market Data - The current stock price is 6.00 HKD, with a market capitalization of 6,732 million HKD and a total share count of 1,122 million [1][5]. - The stock has traded within a range of 4.05 to 7.92 HKD over the past 52 weeks [5]. Procurement Results - The company achieved a procurement demand share of 14.2% for the ceramic-on-ceramic hip joint in the 2024 renewal, maintaining a strong position in the market [11]. - For the ceramic-on-polyethylene hip joint, the company secured a procurement demand share of 11.4%, indicating a solid competitive stance [12]. - The knee joint procurement results show a leading share of 15.7%, further solidifying the company's market leadership [14].
爱康医疗：更新报告：国采结果积极，标内业务有望强劲复苏