机构：国投证券 研究员：李奔 先瑞达专注于"介入无植入"治疗理念，通过使用药物涂层球囊（DCB）等器械，在充分扩张狭窄血管、 释放治疗药物后，将器械全部撤出人体，不留下任何永久植入物，避免了植入物带来的相关并发症的同 时，保留未来的治疗选项。此外公司通过聚焦药物涂层技术、射频消融技术、抽吸平台技术、材料技术 等多元技术平台，在实现产品功能创新的同时，降低生产成本，打造核心竞争优势。 买入-A 投资评级，6 个月目标价15 港币。我们预计公司2025 年-2027年的收入增速分别为19.99%%、 21.99%、29.05%，净利润的增速分别为130.43%、66.62%、73.46%，成长性突出；首次给予买入-A 的 投资评级，6 个月目标价为15 港币，相当于2026 年21 倍的动态市盈率。 国内集采政策有望缓和，新品进入放量周期 （按2025 年11 月20 日港币兑人民币汇率0.9143 计算）风险提示：国内集采政策风险、产品海外商业化 不及预期、产品临床试验失败风险、关税风险、计算假设不及预期风险。 深耕介入无植入，技术平台打造核心竞争力 2025 年10 月10 日，发布《国家组织药物涂层球囊类、 ...

Investment Rating - The report assigns a "Buy-A" investment rating with a target price of 15 HKD over the next six months, reflecting a dynamic P/E ratio of 21 times for 2026 [4][6]. Core Insights - The company focuses on "interventional non-implant" treatment, utilizing drug-coated balloons (DCB) to expand narrowed blood vessels without leaving permanent implants, thus avoiding related complications and preserving future treatment options [1][19]. - Recent domestic procurement policies are expected to ease, and new products are entering a growth phase, with the company's core products included in the procurement scope [2][39]. - The partnership with Boston Scientific is anticipated to accelerate the company's international expansion, with several products already approved in the U.S. [3][38]. Summary by Sections Company Overview - The company, established in 2011, specializes in "interventional non-implant" treatment solutions for various vascular diseases and has developed several leading medical devices [15]. - The company has a strong management team with extensive experience in the medical device industry [16][17]. Product and Technology - The company has developed a comprehensive range of DCB products for multiple indications, including above-knee, below-knee, coronary, and arteriovenous fistula stenosis [22][26]. - The technology platforms include drug coating technology, aspiration platform technology, radiofrequency ablation technology, and materials technology, which enhance product functionality and reduce production costs [28][29]. Market Dynamics - The domestic procurement policy is set to ease, with the sixth batch of high-value consumables procurement rules expected to optimize the bidding process [2][39]. - The DCB market in China is projected to grow significantly, from over 1 billion CNY in 2019 to 14.2 billion CNY by 2030 [22]. Financial Projections - Revenue growth is expected to be 19.99%, 21.99%, and 29.05% from 2025 to 2027, with net profit growth of 130.43%, 66.62%, and 73.46% during the same period [4][9].