冠脉支架和棘突球囊集采中标，助力销量增长。集采首年公司冠脉支架销量大增，冠脉介入业务2023 年营业收入同比增长99.10%，且带动其他相关产品进院销售，提升品牌影响力与综合竞争力。公司棘突球囊在京津冀“3+N”联盟集采中的钝性切割球囊组别中标结果排名第一，随着集采结果陆续在各地落地执行，未来有望实现持续放量。Specializing in coronary intervention and neurological intervention, Sano Healthcare is an international company rooted in China, targeting the global market, focusing on R&D, production and sales of high-end interventional medical devices.
Demand in the coronary intervention market is booming, and procurement helps repair the company's performance
There is still a three-fold gap in the penetration rate of PCI surgery in China compared to developed countries. The total number of registered cases of interventional coronary artery disease in mainland China in 2023 was 1.6361 million (the data does not include military hospital cases), and the growth rate of PCI cases in 2023 was 26.44%. According to Frost & Sullivan data, China's PCI penetration rate is 824.1 units/million people, while the US penetration rate is 2772.5 units/million people. We expect the number of PCI surgeries in China to continue to grow rapidly as the public's ability and willingness to pay for medical care increases, policy support, and access to interventional procedures.
Coronary stents and spinous balloon collection won the bid to help increase sales. The company's coronary stent sales increased dramatically in the first year of collection. The revenue of the coronary intervention business increased 99.10% year-on-year in 2023, and also drove sales of other related products to hospitals, enhancing brand influence and overall competitiveness. The company's spinous balloon won first place in the blunt-cut balloon category in the Beijing-Tianjin-Hebei “3+N” Alliance collection. As the collection results are implemented in various places, it is expected that continuous release will be achieved in the future.
Domestic neurological intervention is still in the early stages of development, and the company has a leading edge in developing products
The development of neurointerventional medical device products in China is still in its infancy, and the penetration rate of neurointerventional devices is expected to increase rapidly. Stroke is the leading cause of death and disability among adults in China. It has the characteristics of high incidence rate, high recurrence rate, high disability rate, high mortality rate, and high financial burden. As the aging process accelerates and lifestyle changes, the incidence of stroke rose from 1.49/0.1 million in 1990 to 2.77/0.1 million in 2019, and the incidence rate is expected to rise further in the future. Compared with medication, neurointerventional treatment has advantages such as fewer side effects for patients, smaller surgical wounds, lower risk of infection, and faster recovery. With the increase in clinical demand, the popularization of related devices, and the promotion of national policies, the size and penetration rate of the neurointerventional device market in China is expected to continue to grow rapidly.
The evidence for evidence-based medicine continues to expand, and a moat is formed with a differentiated layout for all categories. 1) The BASIS study used Sano intracranial balloons to confirm for the first time that endovascular treatment of SiCAS is superior to intensive medical drug treatment. 2) Self-expanding drug stents effectively complement the existing NOVA intracranial drug-eluting stent system for treating intracranial stenosis. Compared with a ball dilator stent, a self-inflating drug stent has the comprehensive advantages of the stent's own wall expansion and drug coating to prevent further narrowing of blood vessels. It has better blood vessel compatibility in conical and curved blood vessels, and the success rate of placement is higher. 3) The blood-flow-guided dense mesh stent completed all pre-marketing clinical trials in July 2023. The 2024 interim report revealed that the product has completed all clinical follow-up of clinical trials. The results are in line with expectations. Currently in the registration process, it is expected to be approved next year.
Covered for the first time, a “gain” rating was given. We expect the company's revenue in 2024-2026 to be 0.445/0.613/0.797 billion yuan respectively, with year-on-year growth rates of 30%/38%/30%, respectively. Covered for the first time, a “gain” rating was given.
Risk warning: risk of failure or delay in registration of new products, risk of not being profitable in the short term, risk of market competition, risk of industry policy changes, etc.
