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沛嘉医疗-b(09996):1H25业绩稳健,瓣膜产品逐渐往AS+AR+TEER多适应症发展
SPDB International· 2025-08-26 07:55
Investment Rating - The report maintains a "Buy" rating for the company and raises the target price to HKD 9.6, indicating a potential upside of 16% from the current price of HKD 8.31 [2][3]. Core Insights - The company's performance in the first half of 2025 (1H25) is stable, with a revenue of RMB 350 million, representing a 17% year-over-year increase. The gross margin is reported at 70.1%, a decrease of 2.6 percentage points year-over-year. The net loss attributable to shareholders is RMB 69.88 million, narrowing by 2% compared to the same period last year [2][3]. - The heart valve business is evolving from a focus on aortic stenosis (AS) to multiple indications including aortic regurgitation (AR) and transcatheter edge-to-edge repair (TEER). The company has three core valve products nearing commercialization, expected to be approved in 2026, which will contribute to revenue growth starting in 2027 [2][3][12]. - The neurointerventional segment has experienced a slowdown in revenue growth due to the impact of centralized procurement, but is expected to achieve over 20% year-over-year growth as procurement volumes stabilize [2][3]. Financial Performance Summary - For 1H25, the company reported revenues of RMB 350 million, with a gross profit margin of 70.1%. The net loss attributable to shareholders was RMB 69.88 million, showing improvement from the previous year [2][3]. - Revenue projections for the upcoming years are as follows: RMB 748 million in 2025, RMB 939 million in 2026, and RMB 924 million in 2027, with year-over-year growth rates of 21.5%, 25.6%, and -1.6% respectively [3][9]. - The company anticipates a gradual increase in revenue from its core products, with significant contributions expected from new product launches in 2027 [2][3][12]. Product Pipeline Overview - The company has a robust pipeline with several products in various stages of development. Key products include TaurusTrio (AR TAVR), TaurusNXT (third-generation AS TAVR), and GeminiOne (TEER), all expected to receive regulatory approval in 2026 [2][12]. - The company is also preparing for international market entries, with submissions for FDA and CE certifications for its products underway [2][12][13].