Core Viewpoint - The company is entering a high growth phase in its neurosurgery business, driven by new product launches and the impact of centralized procurement [3][4]. Group 1: Business Development - Before 2023, the company experienced a phase of low revenue, heavily reliant on a single product, with a focus on R&D and gradual product approvals [3]. - Post-2023, the impact of centralized procurement on the company's main product has diminished, stabilizing the business, while new products like hemostatic gauze and dural glue are expected to drive rapid revenue growth [3][4]. - The company is strategically expanding into the neurointervention sector, which has low penetration and domestic production rates, through the acquisition of Easy Medical [3][4]. Group 2: Acquisition Insights - Concerns regarding the acquisition include potential dilution of profit margins and pricing issues related to related-party transactions, but the regulatory environment minimizes these risks [4]. - The acquisition is expected to enhance channel synergy between neurosurgery and neurointervention, significantly expanding the company's growth potential [4]. - The current low shareholding ratio of the controlling shareholder may be improved through this acquisition, strengthening control over the company [4]. Group 3: Financial Projections - The company maintains its profit forecast, expecting net profits of 110 million, 160 million, and 220 million yuan for 2025-2027, representing year-on-year growth rates of 43.8%, 39.0%, and 40.5% respectively [5]. - The estimated earnings per share (EPS) for the same period are projected to be 1.70, 2.36, and 3.32 yuan [5]. - A target price of approximately 90 yuan is set based on a 38x PE valuation for 2026, maintaining a "recommended" rating [5].

Core Viewpoint - The company is entering a high growth phase in its neurosurgery business, driven by new product launches and centralized procurement initiatives, while also strategically expanding into the neurointervention market through the acquisition of Easy Medical [1][2]. Group 1: Neurosurgery Business Growth - Before 2023, the company had a small revenue base, heavily reliant on a single product, with a focus on R&D and gradual product approvals, but lacked commercial capabilities [1]. - Post-2023, the impact of centralized procurement on the hard dura mater product has stabilized, and new products like hemostatic gauze and dural glue are successfully ramping up sales, contributing to rapid revenue growth [1]. - The company expects profit growth in the next two years due to economies of scale and a slowdown in expense growth, indicating a transition to a high growth profit phase [1]. Group 2: Acquisition of Easy Medical - The acquisition of Easy Medical is aimed at enhancing the company's presence in the high-potential neurointervention market, which has low penetration and domestic production rates [2]. - Concerns regarding the acquisition include potential short-term dilution of profit margins and pricing issues related to related-party transactions, but regulatory scrutiny reduces the likelihood of unreasonable pricing [2]. - The acquisition is expected to create synergies between neurosurgery and neurointervention channels, significantly expanding the company's growth potential [2]. Group 3: Financial Projections - The company maintains its profit forecasts, expecting net profits of 110 million, 160 million, and 220 million yuan for 2025-2027, representing year-on-year growth rates of 43.8%, 39.0%, and 40.5% respectively [3]. - Corresponding EPS for the same years are projected to be 1.70, 2.36, and 3.32 yuan, with a target price of approximately 90 yuan based on a 38x PE valuation for 2026 [3].