机构：华创证券 事项： 公司发布25 年中报，25H1 实现营业收入4.82 亿元（+31.7%）；净利润1.21 亿元（+76.0%）。 评论： 业绩持续高增长。2025H1，公司实现营业收入4.82 亿元（+31.7%）；净利润大幅增长至1.21 亿元 （+76.0%），毛利率在集采扩围下稳定在71.2%（-0.1pct），研发、销售和管理费率较同期整体下降7 个百分点，实现净利率25.1%。 神经介入：25H1 公司神经介入收入3.04 亿元（+25.0%），保持快速增长。其中颅内中间导管、弹簧圈 及神经血管导丝等主要成熟产品收入大幅增长，密网支架等较新产品在进入集采后快速入院，公司持续 致力于提高产品在各级医院的渗透率。 外周介入：25H1 外周血管介入业务实现收入约1.76 亿元（+46.2%），持续高速增长。其中成熟产品 DCB、腔静脉滤器、腔静脉滤器抓捕器及静脉腔内射频闭合导管的销售收入保持快速增长，外周可解 脱带纤维毛弹簧圈、髂静脉支架、血管缝合器等较新的产品组合在全国范围内商业化上市，贡献收入增 量。 研究员：郑辰/李婵娟 风险提示：1）集采降价幅度超预期；2）神经/外周介入行业渗透率、国产 ...

证 券 研 究 报 告 归创通桥-B（02190.HK）2025 年中报点评 推荐（维持） 业绩持续高增，海外将成为增长新动能 目标价：30.4 港元 事项： ❖ 公司发布 25 年中报，25H1 实现营业收入 4.82 亿元（+31.7%）；净利润 1.21 亿 元（+76.0%）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 782 | 1044 | 1379 | 1803 | | 同比增速(%) | 47.4% | 33.5% | 32.0% | 30.8% | | 归母净利润(百万) | 100 | 195 | 279 | 378 | | 同比增速(%) | 227.3% | 95.0% | 42.7% | 35.7% | | 每股盈利(元) | 0.30 | 0.59 | 0.84 | 1.15 | | 市盈率(倍) | 71.0 | 36.4 | 25.5 | 18.8 | | 市净率(倍) | 2.3 | 2. ...

集采中标成绩亮眼，国家全方位支持高端医疗器械2022 年以来，公司神经及外周介入产品涉及多轮集 采，品类包括弹簧圈、PTA 球囊、取栓支架、密网支架、静脉支架等。公司中标表现亮眼，渗透率提 升显著：2024 年外周支架国采，公司静脉支架A 组中标，髂总静脉适应证唯一首轮中标；2025 年河北 集采，公司密网支架、颅内球囊和外周球囊均中选。2025 年7 月，国家药监局《优化全生命周期监管支 持高端医疗器械创新发展有关举措》，聚焦优化特殊审批、注册审查、沟通指导、产业跟进、监管科研 及全球协调等；国家医保局明确集采"反内卷"，并陆续召开5 场创新药械系列座谈会，充分说明政策拐 点已至，国内集采规则优化、温和趋势明确，国家支持高端医疗器械创新，提升国际竞争力。 国际化业务蓄势待发，产品矩阵全面放量 机构：华安证券 研究员：谭国超/钱琨 事件： 2025 年8 月19 日，公司发布2025 年中期业绩。报告期内，公司实现营业收入4.82 亿元（+31.7%），毛 利3.43 亿元（+31.5%），毛利率71.2%（-0.1pct）；未经调整盈利1.21 亿元（+76.0%），经调整盈利 1.31 亿元（+68.1% ...

Core Viewpoint - The neurointervention industry has undergone significant changes since the introduction of centralized procurement in 2021, leading to drastic price reductions and a shift in market dynamics, with a notable increase in the market share of domestic products and a concentration of market share among leading companies [1][2]. Group 1: Price Changes and Market Dynamics - The average price of spring coils dropped from 12,000 yuan to around 6,400 yuan, a decrease of 46.82%, with the highest drop reaching 66% [1]. - The minimum winning price for spring coils is now approximately 3,244 yuan, while the average price for intracranial thrombectomy stents has fallen from 26,900 yuan to below 4,000 yuan [1]. - The market share of domestic neurointervention products surged from less than 10% to 26% by 2024, indicating a significant shift in the competitive landscape [1]. Group 2: Financial Performance of Leading Companies - Despite gaining market share, leading companies in the neurointervention sector have faced continuous losses, with notable losses reported by companies such as MicroPort Brain Science and Guichuang Tongqiao [2]. - By 2024, these companies have turned profitable, with MicroPort Brain Science achieving a net profit of 249 million yuan, marking a significant turnaround from previous losses [2]. Group 3: Revenue Growth Factors - Revenue growth for leading companies has been substantial, with Guichuang Tongqiao's neurointervention business experiencing revenue growth rates of 463%, 108%, 64%, and 38.4% from 2021 to 2024 [3][4]. - The number of approved and commercialized products has increased significantly, with MicroPort Brain Science expanding from 8 to 25 products from 2021 to 2024 [5]. Group 4: Sales and Market Expansion Strategies - Centralized procurement has accelerated the commercialization of neurointervention products, leading to increased sales volumes despite lower prices [7][9]. - Companies like MicroPort Brain Science have expanded their product reach to approximately 520 hospitals, significantly increasing their market presence [8]. Group 5: Cost Management and Efficiency - Leading companies have focused on improving operational efficiency to reduce costs, with Guichuang Tongqiao reducing its sales and distribution expenses from 31% to 22.3% of total revenue [14]. - Companies have also optimized their supply chains and production processes, with MicroPort Brain Science achieving a 90% localization rate for raw materials by the end of 2023 [15][16]. Group 6: International Market Expansion - In response to domestic market pressures, leading companies are increasingly targeting international markets, with MicroPort Brain Science conducting over 50 overseas training and academic exchange events in 2024 [10][11]. - Guichuang Tongqiao reported international business revenue of 22.6 million yuan in 2024, a 58.2% increase, indicating successful market penetration in Europe and Asia [11].

Core Viewpoint - The company faces pressure on its 2024 annual performance due to price adjustments in aortic stents, but its competitiveness in the aortic field remains strong, and its layout in peripheral and tumor intervention areas continues to improve, maintaining a buy rating [1] Group 1: Financial Performance - The company maintains a buy rating and forecasts EPS of 4.95/6.19 yuan for 2025-2026, with a new EPS forecast of 7.30 yuan for 2027, adjusting the target price to 123.75 yuan from 133.65 yuan, based on a target PE of 25X for 2025 [2] - In 2024, the company expects revenue of 1.206 billion yuan (up 1.6% year-on-year) and a net profit attributable to shareholders of 502 million yuan (up 2.0%), with a non-recurring net profit of 396 million yuan (down 14.4%) [2] - The first half of 2024 saw high growth with revenue and net profit increasing by 27% and 44% year-on-year, respectively, but the second half is expected to decline by 26% and 54% due to the impact of aortic stent price adjustments [2] Group 2: International Expansion - The company is increasing its efforts in overseas market promotion, achieving market access and promotion for aortic and peripheral products in Europe, Latin America, and Asia-Pacific, with overseas sales revenue exceeding 160 million yuan in 2024, nearly doubling year-on-year [3] - The full acquisition of the UK joint venture Lombard in mid-2024 is expected to enhance cooperation and leverage its professional sales team and established distributor network in Europe, supporting the company's international strategy [3] Group 3: Product Development - The company continues to upgrade its aortic product line, with the new generation Cratos branched thoracic stent approved in March 2025, and ongoing clinical trials for Aegis II abdominal stent and Hector multi-branch thoracic stent, which are expected to maintain strong competitiveness in the aortic field [3] - The company is actively expanding into the peripheral and tumor intervention markets, with a complete product line including venous stents and filters, and ongoing clinical and registration work for new products [4] - In the fifth batch of national procurement in December 2024, the company’s self-developed peripheral venous stents and 3D peripheral arterial stents won bids, indicating potential for rapid market entry and volume growth [4]