According to reports, Zhongtai Securities recently gave Jianshi Technology (09877) a “buy” rating, mainly based on the following 3 reasons: 1) the company's products are about to be commercialized. LUX-Valve is expected to be approved by the China National Drug Administration (NMPA) in the near future, becoming the first domestic and second approved tricuspid valve intervention replacement product in the world; 2) The clinical demand in the field of tricuspid valve reflux (TR) is huge. The company's product matrix is expected to expand rapidly, and is expected to further open up overseas ceilings; 3) The company's product matrix is expected to expand rapidly and the global clinical trial is progressing simultaneously; 3), for the medium to long term Performance growth has laid a solid foundation. The company is developing 12 core products for structural heart disease treatment, and will gradually enter the harvesting stage in the future.

The commercialization of LUX-Valve is imminent, and it is expected to become the first domestically approved commercialized transcatheter tricuspid valve replacement (TTVR) product in the world. Meanwhile, the second-generation product LUX-Valve Plus is expected to be certified in the first half of 2024. Aortic valve replacement Ken-Valve products are expected to be approved domestically in the second half of 2024. Products such as LUX-VALVE, LUX-VALVE Plus, and Ken-Valve are all expected to become the exclusive or only domestic varieties on related tracks, and are expected to provide the company with a considerable revenue growth rate. Zhongtai Securities expects the company to enter an intensive product harvest period in 2025-2026. At the same time, 8 core products will be listed domestically. At the same time, LUX-VALVE Plus is also expected to obtain CE and FDA certification, moving into a wider global market, laying a solid foundation for the company's medium- to long-term performance growth.

The LUX-Valve series products are expected to achieve rapid release after commercialization. Currently, there is no effective treatment in the tricuspid valve market, and clinical demand is huge. Coupled with the complicated anatomy of the tricuspid valve and the poor effectiveness of drugs and surgery, tricuspid valve replacement is expected to become the main interventional treatment for tricuspid valve reflux (TR). Zhongtai Securities believes that the size of the transcatheter tricuspid valve intervention (TTVI) market will continue to grow rapidly, and is expected to reach a market size of 10 billion dollars in the future. According to its estimates, the domestic market size in 2025 and 2030 will reach 440 million yuan and 4.61 billion yuan respectively, and the 2023-2030 market size CAGR will be 263.5%, maintaining relatively rapid growth. In terms of the global market, the global number of surgeries is expected to reach 450,000 in 2030 and reach US$13.61 billion in 2030. The CAGR is 137.9% from 2023 to 2030. In the 10 billion market, the company has a first-mover monopoly advantage and is expected to have a market monopoly period of at least 3 years.