沛嘉医疗-B(09996)现涨超3%，截至发稿，涨2.6%，报5.92港元，成交额893.49万港元。 消息面上，12月5日，沛嘉医疗公告称，公司执行董事、首席执行官兼董事会董事长张一博士自2025年 12月1日起开始于公开市场上购买公司股份。持股增加合共代价预期不超过1500万港元。根据公告，张 一博士将不排除根据适用法律及法规于适当时候进一步增加其于公司持股的可能性。 中信建投（601066）发布研报称，公司TAVR产品持续放量，市场份额稳步提升；GeminiOneTEER系 统、TaurusTrio主动脉反流瓣及TaurusNXT干瓣TAVR预计2025年底至2026年密集获批，驱动瓣膜业务加 速增长；MonarQ三尖瓣系统启动全球临床，前沿技术业务已获外部融资，创新出海路径清晰。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 112.65 and a sector rating of "Outperform" [2][4]. Core Insights - The company has demonstrated rapid growth, with a projected revenue of RMB 502 million for 2024, representing a year-on-year increase of 35.41%. The net profit attributable to the parent company is expected to reach RMB 146 million, up 27.02% year-on-year. The fourth quarter of 2024 saw a significant revenue increase of 85.04% year-on-year, with a net profit growth of 95.35% [4][6]. - The company is expected to maintain strong growth in the coming years, driven by the gradual launch of new products. The forecasted net profits for 2025, 2026, and 2027 are RMB 235 million, RMB 326 million, and RMB 451 million, respectively, with corresponding EPS of RMB 1.71, RMB 2.38, and RMB 3.28 [4][6]. - The company has a robust product pipeline, with several new products expected to receive approval soon, which will further accelerate growth. The R&D expenses for 2024 are projected to be RMB 151 million, accounting for 30.17% of revenue, indicating a strong commitment to innovation [4][9]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 5.02 billion, a 35.41% increase year-on-year, and a net profit of RMB 1.46 billion, up 27.02%. The Q1 2025 revenue is projected at RMB 1.00 billion, reflecting a 31.30% increase year-on-year, with net profit soaring by 290.69% [4][8]. Valuation - The adjusted profit forecasts for 2025-2027 are RMB 2.35 billion, RMB 3.26 billion, and RMB 4.51 billion, respectively. The corresponding PE ratios are projected to be 65.8, 47.4, and 34.3 times [6][8]. Market Position - The company has established a strong position in the valve market, with significant growth in its heart valve replacement and repair segment, which saw a 64.28% increase in revenue. The approval of the TAVR product is expected to further enhance the company's market presence [9].