Core Viewpoint - In 2024, the company continues to implement cost reduction and efficiency enhancement strategies, focusing on its core business, resulting in a significant narrowing of losses, aligning with the profit guidance in the convertible bond announcement in April 2024. However, revenue growth is slightly below expectations due to price adjustments in some products caused by domestic industry procurement and national policy guidance [1][2][3] Financial Performance - In 2024, the company achieved revenue of $1.031 billion, a year-on-year increase of 9.6% (excluding exchange rate effects). The net loss was $269 million, a significant reduction of 58.6% year-on-year, with EBITDA turning positive, improving from a loss of $370 million in the same period last year to a profit of $60 million [1][2] - The company’s EPS was -12.15 cents per share [1] Business Segments - The coronary business generated revenue of $166 million, up 9.9% year-on-year, with domestic and overseas growth rates of 2.0% and 47.0%, respectively. The orthopedic business achieved $253 million in revenue, a 6.2% increase, with domestic growth of 26.1% [4] - The neuromodulation business reported revenue of $107 million, a 14.4% increase, with overseas revenue growing by 137.6%. The minimally invasive robotics segment saw revenue of $36 million, a remarkable growth of 146.0% [4][5] Regional Performance - In 2024, domestic revenue was $522 million, accounting for 50.6% of total revenue, with a year-on-year growth of 6.0%. Overseas revenue reached $509 million, representing 49.4% of total revenue, with an 11.1% increase [5][6] Future Outlook - For 2025, the company is expected to achieve profitability, with self-owned products overseas anticipated to be a highlight. The coronary business is expected to enter a second growth phase, contributing positive cash flow [3][7] - Revenue projections for 2025-2027 are $1.141 billion, $1.320 billion, and $1.526 billion, with year-on-year growth rates of 10.67%, 15.65%, and 15.66%, respectively [8]

2024 年公司持续践行降本增效，聚焦主业的经营战略，利润端亏 损大幅收窄，符合 24 年 4 月可转债公告中对利润端的指引预期； 但收入端增速略低于预期，主要系公司部分产品因国内行业集 采、国家政策指导导致出厂价有所调整。展望 2025 年，公司冠 脉、骨科和心律管理业务有望维持稳健增长；手术机器人、神经 介入、心脏瓣膜和主动脉及外周介入业务继续保持快速增长；同 时集团自有产品出海有望在 24 年 1 亿美金营收的基础上保持高 速增长。随着公司各项降本增效措施的持续推进，公司扭亏为盈 在即，长期来看，公司集团化、多元化、全球化战略可以帮助集 团有效地整合全球研发、销售和品牌优势，在全球市场打开公司 长期可持续增长的空间。 事件 近期，公司发布 2024 年业绩报告 2024 年公司实现收入 10.31 亿美元，同比增长 9.6%（剔除 汇率影响），2024 年公司净利润亏损 2.69 亿美元，同比大幅收窄 58.6%，EBITDA 实现转正，从去年同期的亏损 3.70 亿元改善至盈 利 0.60 亿美元。EPS 为-12.15 美分/每股。 证券研究报告·港股公司简评 医疗器械 2024 年利润端达到业绩指 ...