Jinwu Financial News | According to the CITIC Construction Investment Securities Report, 23H1 Peijia Medical-B (09996) heart valve intervention business achieved revenue of 108 million yuan, an increase of 107% over the previous year. The rapid growth in the company's valve intervention business was mainly due to the further increase in hospital coverage of the company's products and the rapid release of second-generation recyclable products. By the end of June '23, the company's TAVR products had added coverage to more than 120 hospitals, covering a total of nearly 410 hospitals, and a sales team of 199 people.
23H1's heart valve intervention business achieved revenue of 108 million yuan, an increase of 107% over the previous year. The rapid growth in the company's valve intervention business was mainly due to the further increase in hospital coverage of the company's products and the rapid release of second-generation recyclable products. By the end of June '23, the company's TAVR products had added coverage to more than 120 hospitals, covering a total of nearly 410 hospitals, and a sales team of 199 people. 23H1 completed 1,250 TAVR product terminal implantation surgeries, exceeding the number of surgical implants for the full year of '22. The bank expects 23H1's TAVR product market share to exceed 20%. Since the company's TAVR products were commercialized in Q4 in '21, clinical feedback has been good, and market share has been steadily increasing.
The bank expects the company's operating income for 2023-2025 to be 4.76, 7.85 and 1,255 billion yuan, respectively, with year-on-year increases of 89.62%, 65.11% and 59.87%, respectively, and net profit of -2.67, -2.38, and -61 million yuan respectively, with losses narrowing year by year. Up to now, the total amount to be paid for the company's remaining BD project milestones is about 300 million yuan. Excluding the impact of this one-time fee, the bank expects the company's adjusted net profit to reverse losses in 2024-2025. Give a buy rating