[Table_PicQuote] 相对市场表现 [Table_Page] 公告点评|医疗保健设备与服务 证券研究报告 | [Table_Title] 【 广 发 医 药 | 海 外 】 归 创 通 桥 & | | --- | --- | | （02190.HK） | | 公司 25 年净利润表现超预期，两大业务线齐头并进 [Table_Summary] 核心观点： 盈利预测： （*如非特殊说明，本报告货币单位为人民币，折算汇率为 1 人民币/港元） | [Table_ 单位Finance] :港元百万元 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 主营收入 | 782 | 1,057 | 1,387 | 1,808 | 2,390 | | 增长率（ % ） | 48.3% | 35.1% | 31.1% | 30.4% | 32.2% | | EBITDA | 73 | 182 | 365 | 483 | 665 | | 归母净利润 | 100 | 244 | 340 | 457 | 638 ...

[T归abl创e_S通tock桥Na（meRptType] 02190） 港股公司点评 业绩全面超预期，创新管线价值凸显 | 投资评级： | 买入（维持） | | | --- | --- | --- | | 报告日期： | 2026-03-23 |  事件： | | 收盘价（港元） | 22.84 | | --- | --- | | 近 12 个月最高/最低（港元）28.00/13.70 | | | 总股本（百万股） | 344 | | 流通股本（百万股） | 336 | | 流通股比例（%） | 97.69 | | 总市值（亿港元） | 79 | | 流通市值（亿港元） | 77 | 执业证书号：S0010521120002 邮箱：tangc@hazq.com 执业证书号：S0010524110002 邮箱：qiankun@hazq.com 1.【华安医药】归创通桥（2190）公 司点评：政策拐点已至，利润增速超 预期，迎来戴维斯双击 2025-08-21 现扭亏为盈 2025-03-28 主要观点： 事件： 2026 年 3 月 17 日，公司发布 2025 年年度业绩。报告期内，公司实现 营业收入 1 ...

根据《证券期货投资者适当性管理办法》及配套指引，本资料仅面向华创证券客户中的金融机构专业投资者，请勿对本资料进行任何形式的转发。若您不是华创证券客户中的金融机构专业投资者，请勿订 阅、接收或使用本资料中的信息。 本资料难以设置访问权限，若给您造成不便，敬请谅解。感谢您的理解与配合。 摘要 神经+外周介入双引擎驱动，受益集采，布局海外。 公司在神经介入、外周介入产品线布局全面，截止2025/3/20，公司共战略布局66款产品及候选产 品，已在国内商业化产品共计47款。公司抓住集采机遇，推动产品放量，实现收入的强劲增长，2021-2024年收入CAGR达到131%，并在2024年实现扭 亏为盈，全年净利润为1亿元，截至2024年底，账上资金总额达到25亿元，充裕现金流为产品管线自研/并购、商业化拓展提供支持。2024年海外收入 2258万元，同比增长58.2%，海外拓展已初具规模，有望为公司贡献长期业绩增量。 神经 介入：渗透率、国产化率双 低赛道，公司以丰富产品组合拥抱集采 。 1）行业：渗透率、国产化率双低的高潜力赛道。 国内神介手术受众群体大，近些年手术渗透率快速提升，神经介入耗材市场规模同步快速增长，20 ...

Core Viewpoint - The company is leveraging dual engines of neuro and peripheral intervention, benefiting from centralized procurement and expanding overseas, with a projected revenue CAGR of 131% from 2021 to 2024, and a turnaround to profitability in 2024 with a net profit of 100 million yuan [2][15]. Group 1: Company Overview - The company, established in 2012, focuses on innovative research, manufacturing, and sales of medical devices in neuro and peripheral vascular intervention [3]. - It has developed a comprehensive product line covering all five categories of neurovascular intervention and a full range of peripheral vascular intervention products, positioning itself in the top tier of the domestic market [5]. Group 2: Market Potential and Growth - The neuro intervention market in China has low penetration and localization rates, with a 2023 penetration rate of 13.8% for hemorrhagic neuro intervention surgeries, compared to 65.3% in the US, indicating significant growth potential [30][39]. - The domestic neuro intervention consumables market has grown rapidly, with a CAGR of 16% from 2017 to 2022, reaching 6.68 billion yuan [37]. Group 3: Centralized Procurement Impact - Since 2021, centralized procurement has expanded in the neuro intervention sector, benefiting leading domestic manufacturers by increasing market penetration and localization rates [43]. - The average price reduction from centralized procurement has stimulated demand, leading to increased sales volumes that offset some of the negative impacts of price drops [45]. Group 4: Financial Performance - The company achieved a revenue of 783 million yuan in 2024, with a year-on-year growth of 48%, and a net profit of 100 million yuan, marking a return to profitability [15]. - The gross margin has remained relatively stable at 71.6% despite some price reductions due to centralized procurement, supported by improved operational efficiency and a decrease in expense ratios [18]. Group 5: Overseas Expansion - In 2024, the company generated 22.58 million yuan in overseas revenue, a 58.2% increase, with plans to expand into Europe and emerging markets in Asia, Africa, and Latin America [24]. - The company has already commercialized 20 products in 24 overseas countries, with 8 products receiving CE marks in Europe [29]. Group 6: Product Pipeline and Innovation - The company has a robust product pipeline with 66 strategic products and candidates, of which 47 are already commercialized, and expects 17 more to be approved between 2025 and 2027 [5][49]. - Upcoming products include a flow-directed stent and a drug-eluting self-expanding intracranial stent, which are anticipated to significantly contribute to revenue growth [52][53].