Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company, Maipu Medical, is a leading player in the domestic neurosurgery field, focusing on high-performance implantable medical devices. The company is expected to enter a growth phase by continuously enriching its product portfolio and improving marketing channels. Key products include artificial dura mater (spinal) patches, which are expected to see accelerated market penetration due to centralized procurement, and new products like absorbable hemostatic gauze and dura mater glue, which are anticipated to provide sustained growth momentum [6][14][17]. Summary by Sections Company Overview - Maipu Medical, established in 2008 and listed on the Shenzhen Stock Exchange in 2021, specializes in high-performance implantable medical devices for neurosurgery. The company has developed a range of products including dura mater repair products and craniofacial repair systems, enhancing its capability to provide comprehensive solutions in neurosurgical repair [17][18]. Product Performance - The artificial dura mater (spinal) patch is a cornerstone product benefiting from centralized procurement, with projected revenue of 156 million yuan in 2024, reflecting a year-on-year growth of 11.46%. The product's unique bionic structure offers advantages in biocompatibility and degradability [15][32]. - Craniofacial repair products are expected to generate 80 million yuan in revenue in 2024, with a year-on-year growth of 31.05%. The superior properties of PEEK materials are anticipated to drive market penetration, replacing traditional titanium materials [16][44]. - The absorbable hemostatic gauze is projected to achieve revenue of 36 million yuan in 2024, with a year-on-year growth of 49.89%. This product is expected to break the import monopoly and rapidly gain market share [16][49]. Financial Projections - Revenue forecasts for the company from 2025 to 2027 are 371 million yuan, 491 million yuan, and 647 million yuan, with year-on-year growth rates of 33.1%, 32.5%, and 31.8% respectively. Net profit attributable to the parent company is expected to be 113 million yuan, 149 million yuan, and 199 million yuan for the same period, with growth rates of 43.6%, 31.8%, and 33.4% respectively [6][7][28]. Market Position - The company is the only domestic enterprise with a comprehensive product line in the neurosurgery field, including artificial dura mater patches, craniofacial repair systems, and absorbable hemostatic products. This diverse product structure is expected to support stable revenue growth and long-term sustainable development [18][30].

Group 1: Company Overview - Guangzhou Maipu Regenerative Medicine Technology Co., Ltd. is the only domestic enterprise in the neurosurgery field that simultaneously possesses artificial dura (spinal) membrane patches, craniofacial repair and fixation systems, absorbable regenerated oxidized cellulose, and dura mater medical glue [3] - The company has entered the international medical device market since 2011, covering over 100 countries and regions, with nearly 1.3 million products sold [3] Group 2: Financial Performance - In 2024, the domestic operating revenue reached ¥221,750,385.17, accounting for 79.64%, with a year-on-year growth of 22.63% [3] - The overseas operating revenue was ¥56,691,742.22, accounting for 20.36%, with a year-on-year growth of 13.28% [3] - The total revenue growth for 2024 was 20.61%, driven primarily by the artificial dura (spinal) membrane patches, which generated ¥155,593,757.71, accounting for 55.88% of total revenue, with an 11.46% increase [6] Group 3: Product Advantages - The absorbable dura (spinal) membrane patch "Rui Mo®" is the only product in China developed using bio-additive manufacturing technology combined with synthetic materials, offering a unique three-dimensional biomimetic porous micro-fiber structure [5] - The materials used are biodegradable and have good biocompatibility, providing higher biological safety compared to animal-derived materials [6] - The dura (spinal) membrane products generated sales revenue of ¥155,593,757.71, with an 11.46% increase year-on-year [6] Group 4: Future Development Strategy - The company emphasizes value management and aims to enhance core competitiveness while expanding into other surgical fields [4] - Plans to develop hemostatic and medical glue product lines, continuously launching new products to meet clinical needs [7] - The craniofacial repair products achieved sales revenue of ¥79,896,317.05, with a 31.05% increase year-on-year [10]