2、骨科手术数智化先行者，打造"耗材+服务+设备"商业新模式。 中国骨科机器人起步较晚，根据弗若斯特沙利文资料，2020 年中国机器人辅助关节置换手术渗透率仅 为0.03%，和美国相比存在较大的差距，预计2026 年有望达3.05%，市场规模有望从2020 年1480 万美元 增长至2026年的3.32 亿美元，复合年增长率为45.6%。公司是国内数智化骨科解决方案的先行者，经过 多年发展，已逐步构建起"术前规划方案提供-术中手术定位导航-术中手术机器人精准操作-个性化假体 精准植入"的骨科数智生态闭环，2024 年膝关节手术机器人K3 上市，产品力可对标手术机器人Mako， 并兼具本土化响应速度和成本优势，我们认为K3 有望在国内实现快速装机，助力公司打造"耗材+服务 +设备"商业新模式。 盈利预测与投资评级：我们预计公司2025-2027 年营业收入分别为15.48亿元、18.11 亿元、21.48 亿元， 同比增速分别为15.0%、17.0%、19.0%，2025-2027 年实现归母净利润为3.22 亿元、3.70 亿元、4.37 亿 元，同比分别增长18.0%、15.0%、18.0%，对应2025 ...

Core Viewpoint - The report from Cinda Securities initiates coverage on Aikang Medical (01789) with a "Buy" rating, highlighting its leadership in the domestic artificial joint market and potential for rapid growth in orthopedic implant business due to domestic procurement price increases and successful international brand expansion [1] Group 1: Domestic Market Dynamics - The company is leveraging the opportunities presented by domestic procurement, gradually replacing imported products, which is leading to increased hospital coverage and market share. In the upcoming procurement for 2024, the company has achieved price increases in its bids, which is expected to enhance profitability and support profit recovery [1] - The company’s international strategy involves a dual-brand approach to cater to different market demands, utilizing the "JRI" brand for high-end markets in Europe and the US, while the "AK" brand focuses on production scale advantages in emerging markets. This strategy is anticipated to drive significant growth in overseas revenue [1] Group 2: Technological Advancements and Market Potential - The company is recognized as a pioneer in digital orthopedic solutions in China, having established a comprehensive digital ecosystem for orthopedic surgeries, which includes pre-operative planning, intra-operative navigation, robotic precision, and personalized implant solutions. The K3 knee surgery robot is set to launch in 2024, expected to compete with the Mako surgical robot while offering localized responsiveness and cost advantages [2] - The market for robotic-assisted joint replacement surgeries in China is projected to grow significantly, with penetration rates expected to rise from 0.03% in 2020 to 3.05% by 2026, and the market size forecasted to increase from $1.48 million in 2020 to $332 million by 2026, reflecting a compound annual growth rate of 45.6% [2]

Core Viewpoint - The report from Cinda Securities initiates coverage on Aikang Medical (01789) with a "Buy" rating, highlighting its leadership in the domestic artificial joint market and potential for rapid growth in orthopedic implant business due to domestic procurement price increases and successful international brand expansion [1] Group 1: Domestic Market Dynamics - The company is leveraging the opportunities presented by domestic procurement, gradually replacing imported products, which is leading to increased hospital coverage and market share. In the 2024 procurement cycle, the company achieved price increases in its bids, which is expected to enhance profitability and support profit recovery [1] - The international strategy involves a dual-brand approach, utilizing the "JRI" brand to compete in the high-end markets of Europe and the U.S., while the "AK" brand focuses on production scale advantages to penetrate emerging markets. This strategy is anticipated to drive significant growth in foreign revenue [1] Group 2: Technological Advancements and Market Potential - The company is a pioneer in digital orthopedic solutions, having developed a comprehensive ecosystem that includes pre-surgical planning, intraoperative navigation, robotic precision, and personalized implant placement. The K3 knee surgery robot is set to launch in 2024, with competitive capabilities comparable to the Mako surgical robot, while also offering local responsiveness and cost advantages [2] - The market for robotic-assisted joint replacement surgeries in China is expected to grow significantly, with penetration rates projected to rise from 0.03% in 2020 to 3.05% by 2026, and the market size is forecasted to increase from $1.48 million in 2020 to $332 million by 2026, reflecting a compound annual growth rate of 45.6% [2]