Innovation-driven, committed to becoming a provider of overall surgical solutions in the field of neurosurgery, Maipu Medical was founded in 2008. It is the only company in the field of neurosurgery in China that has implanted medical devices such as artificial dura mater patch, cranio-maxillofacial repair system, absorbable regenerated oxidized cellulose and dura mater medical glue, covering the key implanted medical devices needed for craniotomy. The company achieved operating income of 85.72 million yuan in the first half of 2023, a slight decrease of 9.80% compared with the same period last year. In August 2023, the company's restricted stock incentive program was launched, demonstrating confidence in development.

The sales revenue of artificial dura mater products has increased steadily, and winning the bid is expected to increase the market share. Artificial dura mater patch is the company's largest source of income, with sales revenue of 145 million yuan in 2022, an increase of 23.58% over the same period last year, accounting for 74.09% of the total business income. Due to the change of external policy and the adjustment of the company's marketing policy, 2023H1 achieved sales revenue of 50.57 million yuan, down 31.2% from the same period last year. In 2023, the company won the bid for meningeal products in the Liaoning Provincial Union. In addition, the national meningeal collection is about to be carried out, and the company is expected to increase the market share of meningeal products through collection.

The cranio-maxillofacial repair products made of PEEK will be selected in Henan Union, which is expected to accelerate the sales and promotion of the company's peek craniofacial repair system "Sailu" with a higher degree of matching of bone defects. Sales revenue reached 26.62 million yuan in the first half of 2023, an increase of 57.67% over the same period last year. According to the data of the Southern Institute, the market scale of the whole product of craniofacial bone repair and fixation in China will reach 1.75 billion yuan in 2023, and the CAGR will be 15.3% in 2018-2023. From 2017 to 2019, the market size of China's PEEK skull repair products CAGR exceeded 80%, while the growth of the market scale of titanium skull repair products was relatively stable, and the PEEK permeability increased rapidly. In September 2023, Henan Province led 23 provinces (autonomous regions and bingtuan) to collect consumables alliance. relying on the omni-directional layout in the field of skull repair, the company plans to win the bid for all the products of skull connectors, which is expected to expand the sales scale of products in the future. increase the market share of products.

Hemostatic gauze + dura mater medical adhesive is expected to become a new growth point. The dura mater medical adhesive independently developed by the company will be put on the market in February 2023. China's absorbable medical glue market is relatively blank, Eshare medical equipment collection data show that the market size of Chinese dura mater sealing materials in 2020 is about 2.57 billion yuan, as of March 2023, only Maipu Medical and Sex products have been approved, with the company's sales promotion is expected to achieve sales volume. Shenwai field hemostatic product Jisuting absorbable hemostatic yarn was approved in 2021, domestic high-end hemostatic products have not yet achieved industrialization, the company actively promotes the clinical trial of this product to expand indications, and extends the application scene to other surgical fields. In the research products, the company actively promotes the research and development of hemostatic powder, oral repair film and other products, Xu Li will grow in the future.

Profit forecast and valuation: the company's operating income from 2023 to 2025 is expected to be 2.29,2.88 and 377 million yuan respectively, and the return net profit is 0.43,0.68,105 million yuan respectively, which is comparable to the company's average PE of 42.68 times in 2024. Considering the company's high growth in the field of neurosurgery, it gives the company 45 times PE in 2024, corresponding to the target price of 46.16yuan, covering for the first time and giving a "buy" rating.

Risk hint: the risk of new product research and development and technology iteration, the risk of policy change, the risk of market expansion of terminal hospital, the risk of intensified market competition.