Investment Rating - The report maintains an "Outperform" rating for the medical device sector, indicating a positive outlook for investment opportunities in this industry [1]. Core Insights - The report highlights the ongoing normalization and deepening of centralized procurement for medical consumables, with a focus on innovation and opportunities for domestic substitution in various segments [3][5]. - It emphasizes that the collection of high-value consumables is expected to continue in a moderate manner, with a potential reduction in price suppression effects in the long term [4][21]. - The report suggests that the post-procurement era will present opportunities in sectors with lower procurement pressure and higher growth potential, particularly in areas like orthopedics and electrophysiology [5][20]. Summary by Sections Centralized Procurement Overview - The report discusses the ongoing deepening of centralized procurement for medical consumables, with significant categories like coronary stents, orthopedics, and artificial crystals already undergoing national procurement [3][11]. - It notes that the procurement rules are designed with revival mechanisms, and the expected price reductions are manageable, indicating a controlled impact on the market [3][11]. Review of 2024 Procurement - The report states that the centralized procurement for high-value consumables has been implemented with relatively mild rules, allowing for opportunities for domestic companies to gain market share [4][20]. - It outlines that the procurement rules are becoming more refined, with a shift towards national procurement from provincial alliances, breaking regional price barriers [21][22]. Investment Recommendations - The report advises focusing on sectors that are less affected by procurement pressures and possess innovation and growth potential, such as IVD, neuro-intervention, and peripheral intervention [5][20]. - It highlights that since 2025, the government has been releasing policies to support the development of innovative medical devices, which could lead to a better payment environment for innovative products [22][24].

根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本资料进行任何形式的转发。若您不是华创证券客户中的金融机构专业投资者，请勿订 阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 神经+外周介入双引擎驱动，受益集采，布局海外。 公司在神经介入、外周介入产品线布局全面，截止2025/3/20，公司共战略布局66款产品及候选产 品，已在国内商业化产品共计47款。公司抓住集采机遇，推动产品放量，实现收入的强劲增长，2021-2024年收入CAGR达到131%，并在2024年实现扭 亏为盈，全年净利润为1亿元，截至2024年底，账上资金总额达到25亿元，充裕现金流为产品管线自研/并购、商业化拓展提供支持。2024年海外收入 2258万元，同比增长58.2%，海外拓展已初具规模，有望为公司贡献长期业绩增量。 神经 介入：渗透率、国产化率双 低赛道，公司以丰富产品组合拥抱集采 。 1）行业：渗透率、国产化率双低的高潜力赛道。 国内神介手术受众群体大，近些年手术渗透率快速提升，神经介入耗材市场规模同步快速增长，20 ...

Core Viewpoint - The company is leveraging dual engines of neuro and peripheral intervention, benefiting from centralized procurement and expanding overseas, with a projected revenue CAGR of 131% from 2021 to 2024, and a turnaround to profitability in 2024 with a net profit of 100 million yuan [2][15]. Group 1: Company Overview - The company, established in 2012, focuses on innovative research, manufacturing, and sales of medical devices in neuro and peripheral vascular intervention [3]. - It has developed a comprehensive product line covering all five categories of neurovascular intervention and a full range of peripheral vascular intervention products, positioning itself in the top tier of the domestic market [5]. Group 2: Market Potential and Growth - The neuro intervention market in China has low penetration and localization rates, with a 2023 penetration rate of 13.8% for hemorrhagic neuro intervention surgeries, compared to 65.3% in the US, indicating significant growth potential [30][39]. - The domestic neuro intervention consumables market has grown rapidly, with a CAGR of 16% from 2017 to 2022, reaching 6.68 billion yuan [37]. Group 3: Centralized Procurement Impact - Since 2021, centralized procurement has expanded in the neuro intervention sector, benefiting leading domestic manufacturers by increasing market penetration and localization rates [43]. - The average price reduction from centralized procurement has stimulated demand, leading to increased sales volumes that offset some of the negative impacts of price drops [45]. Group 4: Financial Performance - The company achieved a revenue of 783 million yuan in 2024, with a year-on-year growth of 48%, and a net profit of 100 million yuan, marking a return to profitability [15]. - The gross margin has remained relatively stable at 71.6% despite some price reductions due to centralized procurement, supported by improved operational efficiency and a decrease in expense ratios [18]. Group 5: Overseas Expansion - In 2024, the company generated 22.58 million yuan in overseas revenue, a 58.2% increase, with plans to expand into Europe and emerging markets in Asia, Africa, and Latin America [24]. - The company has already commercialized 20 products in 24 overseas countries, with 8 products receiving CE marks in Europe [29]. Group 6: Product Pipeline and Innovation - The company has a robust product pipeline with 66 strategic products and candidates, of which 47 are already commercialized, and expects 17 more to be approved between 2025 and 2027 [5][49]. - Upcoming products include a flow-directed stent and a drug-eluting self-expanding intracranial stent, which are anticipated to significantly contribute to revenue growth [52][53].