Core Viewpoint - The Chinese medical industry has entered a new development stage influenced by multiple factors such as international expansion, centralized procurement mechanisms, and geopolitical dynamics. The focus has shifted from whether companies can go international to whether they possess the capability for long-term participation in global competition [2]. Group 1: Multi-Dimensional Collaborative Layout Capability - In the global high-end medical device sector, especially in complex disease and high-risk treatment scenarios, competitive advantage relies on systematic collaboration across different treatment stages and technological pathways rather than on single-point advantages [3]. - MicroPort Medical's business structure exemplifies strong representation in this dimension, covering multiple high-risk and high-tech core tracks, forming a business combination across cardiovascular, neurological, orthopedic, and surgical robotics fields [3]. Group 2: Clinical Closed-Loop Capability - The concept of "clinical closed-loop" in high-end medical devices refers to the ability to continuously and stably deliver medical solutions into real clinical systems, encompassing a complete chain from technological innovation to long-term follow-up [6]. - MicroPort Medical demonstrates distinctive features in this area, including a focus on Class III high-risk devices, a high density of "first/only" level technological innovations across multiple tracks, and a clinical technology foundation that integrates multiple pathways [7][8]. Group 3: Global Operational Capability - The true challenge of globalization lies not in the number of countries entered but in the ability to operate continuously under different regulatory systems, clinical environments, and commercial logics, forming long-term synergies across R&D, registration, supply chain, academia, and market [11]. - MicroPort Medical has established a multi-regional collaborative operational system, integrating domestic and overseas markets into a cohesive global framework, leveraging its product and clinical foundation in China to accelerate market entry for new technologies and products [12]. Group 4: Academic-Driven International Pathway - In mature markets like Europe, clinical and academic evidence is crucial for entering mainstream medical systems. MicroPort Medical has built academic recognition through high-quality clinical data and multi-center studies, maintaining close collaborations with key opinion leaders (KOLs) [16]. - The company's products have completed international multi-center clinical studies, establishing a strong academic influence and clinical trust in overseas markets [16][18]. Group 5: Industry Observation - As the industry evolves, global competition is increasingly focused on integrated capabilities encompassing technology R&D, clinical transformation, and data accumulation, raising higher demands for organizational systems and cross-field collaboration [21]. - MicroPort Medical's practices provide a valuable reference for how Chinese medical device companies can establish long-term competitiveness in the global high-end system [21].

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company, Xinpai Medical, is a leading enterprise in the domestic aortic and peripheral vascular intervention field, with core products achieving performance levels that partially meet international standards. The company is expected to gradually grow into a leading player in the global cardiovascular field as it continues to expand its domestic and international markets [6] - The forecast for the company's net profit attributable to shareholders for 2025-2027 has been adjusted to 603.85 million, 729.13 million, and 879.82 million yuan, representing year-on-year growth rates of 20.27%, 20.75%, and 20.67% respectively. The corresponding EPS for these years is projected to be 4.90 yuan, 5.92 yuan, and 7.14 yuan, with current stock prices corresponding to PE ratios of 22, 18, and 15 times for 2025-2027 [6] Financial Performance Summary - **Revenue Forecast**: - 2024A: 1,206.33 million yuan - 2025E: 1,459.32 million yuan (growth rate: 20.97%) - 2026E: 1,756.74 million yuan (growth rate: 20.38%) - 2027E: 2,105.39 million yuan (growth rate: 19.85%) [5][8] - **Net Profit Forecast**: - 2024A: 502.10 million yuan - 2025E: 603.85 million yuan (growth rate: 20.27%) - 2026E: 729.13 million yuan (growth rate: 20.75%) - 2027E: 879.82 million yuan (growth rate: 20.67%) [5][8] - **Key Financial Ratios**: - Gross Margin: - 2024A: 73.01% - 2025E: 70.53% - 2026E: 71.49% - 2027E: 71.97% [8] - PE Ratio: - 2024A: 26.66 - 2025E: 22.16 - 2026E: 18.36 - 2027E: 15.21 [5][8] - **Balance Sheet Highlights**: - Total Assets: - 2024A: 4,291.60 million yuan - 2025E: 4,633.20 million yuan - 2026E: 5,220.78 million yuan - 2027E: 5,931.89 million yuan [7] - **Cash Flow Summary**: - Operating Cash Flow: - 2024A: 373.60 million yuan - 2025E: 683.40 million yuan - 2026E: 711.23 million yuan - 2027E: 878.26 million yuan [7]