Investment Rating - The report assigns an initial investment rating of "Buy" for the company [1]. Core Insights - The company is positioned in two high-potential sectors: neurointervention and peripheral intervention, entering a product harvest phase with a comprehensive product ecosystem [1]. - The neurointervention market is expected to exceed 30 billion yuan in five years, with the company actively increasing its market share through competitive pricing strategies [1]. - The company has achieved significant revenue growth, with a projected revenue of 7.57 billion yuan in 2024, reflecting a year-on-year increase of 43.4% [1][3]. Summary by Sections Company Overview - The company, established in 2012, is a leader in the domestic neuro and peripheral vascular intervention medical device sector, offering a comprehensive range of products [7]. - It has developed a robust product pipeline with 43 products approved by NMPA and 8 by CE, with plans to enter the US market [7][20]. Financial Performance - The company reported revenues of 528 million yuan in 2023, a 58% increase year-on-year, and is expected to turn profitable in 2024 [13][3]. - The adjusted net profit for 2023 was 7.03 million yuan, marking the first profitable year [13]. Market Position and Strategy - The company has a complete product ecosystem in neurointervention, with a focus on innovative products that have gained market recognition [20]. - It is expanding its market presence through strategic partnerships and product approvals, including recent approvals for new peripheral intervention products [21]. Growth Projections - Revenue is projected to grow significantly, with estimates of 7.57 billion yuan in 2024, 10.19 billion yuan in 2025, and 13.51 billion yuan in 2026, indicating a strong growth trajectory [3]. - The company aims to maintain a high gross margin above 70%, with continuous improvements in operational efficiency [17].
归创通桥-B：构建神经+外周介入完整版图，步入产品收获期