This report is read as follows:
The company's spring coil has been approved to be listed in the United States, and various business areas actively promote the international layout, expand the development ceiling, and maintain the holding rating.
Summary:
The international business is advancing steadily and the overweight rating is maintained. The company's neural intervention product spring coil has been approved to be listed in the United States by FDA, demonstrating the strength of the company's product innovation, actively promoting the international layout in various business areas, maintaining the forecast of EPS-0.11 in 2021-2023, maintaining the target price of US $8.90, equivalent to HK $69.25, and maintaining the overweight rating.
The neural intervention coil has been approved to be listed in the United States, highlighting the innovative strength of the company. Recently, the Numen coil independently developed by the company's subsidiary minimally invasive Avatar has been approved by FDA according to the strictest standards, and the indications have been further broadened, which is suitable not only for the embolization of intracranial aneurysms, but also for the embolization of abnormal blood flow in other nerves and peripheral vessels. Numen coils have previously been certified in CE and completed the first overseas commercial implant in Chile.
The international expansion of each business continues to advance. Minimally invasive with the help of European and American heart rhythm management, orthopaedics two major overseas "ports" advantages to promote the process of business internationalization. Subsidiary Xinmai Medical's Castor, Minos and other stent products have successively completed their first implantation in the UK, accumulating access to 12 overseas markets, including the UK. Electrophysiology business recently completed its first implantation in Kazakhstan, covering more than 20 countries and regions around the world. The first-generation valve of subsidiary Xintong Medical has been approved in Argentina and Thailand, and the first implantation has been completed in Argentina. The second-generation valve is expected to submit an application for CE registration at the end of 2021 and be approved for listing in 2022. The Firehawk stent has been registered in 33 countries, Firehawk Liberty has been included in 6 national health insurance lists, and balloons have been registered in 27 countries or regions. Orthopaedic swan robot is expected to go on sale in the United States in 2022, which will give a strong boost to the growth of orthopedic joint business.
The innovative equipment industry can bring positive externalities, and the company conforms to the direction of industrial reform. Under the trend of China's aging population, domestic innovative equipment is an industry that can bring positive externalities, and it is also an industry that the state has long focused on encouraging and supporting, and international expansion can expand the ceiling of development. Minimally invasive medical treatment is a medical device platform company with a strong sense of innovation and foresight, which is in line with the direction of industrial reform. Its core competitiveness is the ability to incubate high-quality innovative subsidiaries with a high success rate, which is expected to maintain steady growth. Investment in minimally invasive medical equipment is equivalent to investing in the future new track of China's medical device industry at a stage close to Pre-IPO, with stronger comprehensive anti-risk ability. Maintain the overweight rating.
Risk hint: with volume procurement price reduction is higher than expected, R & D is not as expected, commercialization is not as expected risk.