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【麦澜德(688273.SH)】专注女性健康和美,“医疗+消费”双轮驱动——投资价值分析报告(黄素青)
光大证券研究· 2026-01-05 23:05
Core Viewpoint - The company has established itself as a leader in the female pelvic floor dysfunction (PFD) market in China, focusing on a comprehensive range of products and services that cater to women's health throughout their life cycle, with a strong emphasis on innovation and technology [4][5]. Group 1: Company Overview - Founded in 2013, the company specializes in the research, development, and sales of pelvic floor and obstetric rehabilitation devices, expanding into areas such as reproductive anti-aging, sports rehabilitation, and light medical aesthetics [4]. - The company has developed a product matrix that includes various energy source technologies such as ultrasound, laser, electrophysiology, electrical stimulation, magnetic stimulation, and high-frequency methods, leading the industry [4]. - As of mid-2025, the company has established a presence in over 8,700 hospitals and 6,000 outpatient professional institutions, with core executives holding more than 60% of shares [4]. Group 2: Market Potential - The prevalence of PFD among women in China is high, with over 280 million potential patients, yet the treatment and consultation rates remain low, indicating significant market demand [5]. - The company has created a comprehensive service model that includes screening, assessment, treatment, and home rehabilitation, positioning itself as a leader in the field [5]. - Revenue from pelvic rehabilitation products is expected to exceed 160 million yuan in 2023-2024, driven by aging demographics and increasing health awareness [5]. Group 3: Business Growth Strategy - The company is leveraging a dual-driven strategy of "medical + consumer" to enhance growth in reproductive health and anti-aging sectors, responding to the increasing demand from older and multi-child mothers [6]. - Through strategic acquisitions, the company has developed two major business systems focused on reproductive and skin health, providing comprehensive health management solutions [6]. - The revenue CAGR for reproductive rehabilitation and anti-aging products is projected to be as high as 90.1% from 2021 to 2024, supported by product upgrades and channel expansion [6]. Group 4: Future Prospects - The brain-computer interface (BCI) market presents significant growth opportunities, driven by an aging population and increasing clinical needs for neurological and degenerative diseases [8]. - The company is actively involved in high-barrier BCI technology and has initiated several national and provincial research projects, aiming to establish a comprehensive neuro-rehabilitation system [8]. - The development of a multimodal closed-loop neural regulation system is underway, with commercial products expected to be launched and generate revenue starting in 2026 [8].