Zhitong Financial APP learned that CICC released a research report saying that it was first given a "outperform industry" rating of Sinuida Healthcare-B (06669), with a target price of HK $23, which is 34 per cent higher than the current share price. The bank believes that many of the company's new products have been commercialized, that the revenue structure is being continuously optimized, and that the collection policy is becoming more moderate. And think that itIt will have a good synergy with Boston Science in research and development, registration, production and sales, maintain the leading position of peripheral intervention, and become a leading enterprise of pan-vascular intervention..

The main points of CICC are as follows:

First Ruida Medical: vascular intervention platform enterprise.

The company has been ploughing the peripheral field for more than ten years and is the leader of arterial medicine ball and the forerunner of intravenous intervention. As of June 2022, 7 products in the company's peripheral field have entered the commercialization stage, and in addition, there are 26 products under research in 5 sub-areas of pan-vascular intervention, with a combination of access and treatment, and committed to solving complex diseases such as chronic total occlusion (CTO), fully reflecting the company's strong product strength and platform R & D strength.

There is a broad space for peripheral intervention in the market, and the company is a domestic leader.

According to Frost Sullivan, China has a large population of peripheral disease patients (50 million arterial patients and 400 million venous patients in 2019). With the upgrading of technology and the entry of domestic enterprises, the bank expects that the penetration rate of intervention will continue to increase, and the bank estimates that the scale of China's lower limb artery intervention market will reach 6.5 billion yuan in 2026. The company's above-knee / under-knee Drug Balloon (DCB) was approved in China in 2016 / 2020 respectively, which is the first product in the Chinese market. The bank expects the market share of above-knee and below-knee DCB sales to be 70% / 100% respectively in 2021. The company's suction system was approved in November 2021 and the radiofrequency ablation system was approved in April 2022.

Master the core technology, Boston Science draws up strategic investment.

The company has polymer materials, drug coatings and other technology platforms, continue to produce innovative products. In December 2022, Boston Science launched a partial acquisition offer for up to 65% of the company. After the acquisition, Ruida will continue to operate independently as a Hong Kong listed company and will still be operated by a management team such as Chairman Li Jing. The bank believes that the company will have a good synergy with Boston Science in research and development, registration, production and sales, maintain the leading position of peripheral intervention, and become a leading enterprise of pan-vascular intervention.