Huaan Securities released a research report indicating that Peijia Medical-B (09996) TAVR products (transcatheter aortic valve replacement products, including the first-generation product TaurusOne and the second-generation recyclable product TaurusElite) accelerated commercialization. The number of implants completed in the first half of the year was more than 1,200 units, an increase of more than 100% over the previous year, which is equivalent to completing the full year of implants in '22 in half a year. Over the past year, provincial and municipal health insurance bureaus have successively included TAVR consumables fees in health insurance, and the payment side has seen significant improvements. The bank expects the annual industry growth rate to be about 50%; the company's growth rate exceeds the industry's overall growth rate, and its market share continues to expand. It is estimated that the domestic market share of the company's shares in TAVR has reached 20%.
Peijia Medical's existing neurological intervention products, including Tethys central catheter, SacSpeed balloon dilatation catheter, Jasper spring ring, Syphonet embolization stent, Fastunnel delivery balloon dilatation catheter, etc., exceeded expectations. Among them, the revenue growth rate of ischemic products such as SacSpeed and Fastunnel was impressive. The neurological intervention sector is expected to grow by more than 70% year-on-year in the first half of the year. Optimistic about the steady expansion of 23H2's spring rings, more ischemic products have ushered in performance catalysis.
The company's total revenue is expected to reach 439/618/865 million yuan in 2025, respectively, an increase of 75%/41%/40% over the previous year. Considering that the company is not yet profitable, the bank uses the average market sales ratio (PS) of comparable companies as Peijia Healthcare's valuation reference: as of June 20, 2023, the average PS of comparable Hong Kong stocks in 2023-2025 will be 8/6/4 times, and the bank predicts that the company's PS of 2023-2025 will be 9/6/5 times. Maintain a “buy” rating.