SHANGHAI MICROPORT ENDOVASCULAR MEDTECH(688016)：PERFORMANCE TURNAROUND AFTER EPIDEMIC ROBUST GROWTH IN OVERSEAS MARKET-每日观点

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Company Profile Shanghai MicroPort Endovascular MedTech Co., Ltd. is a China-based company principally engaged in the research and development, production and sales of aortic and peripheral vascular interventional medical devices. The Company"s main products include the aortic stent graft system for aortic minimally invasive interventional procedures, the intraoperative stent system for open surgery, as well as the peripheral vascular stent system and peripheral balloon dilatation catheters for the treatment of peripheral vascular diseases. The Company mainly distributes its products to the domestic market. （Source: MarketScreener）。 Event Shanghai MicroPort Endovascular MedTech Co., Ltd. （the company） recently announced its earnings results for the first quarter of 2023. In the reporting period, the company achieved a revenue of CNY 286 million, an increase of 10.75% from a year earlier; it reported its net income attributed to shareholder at CNY 125 million, up 1.10% from a year earlier; its net income deducting non-recurring items came in at CNY 120 million, at an annual growth of 1.58%; it reported its net operating cash flow at CNY 119 million, down 17.85% from a year earlier. Earnings forecast and investment recommendation As a domestic pioneer of vascular interventional medical devices, the company has rolled out multiple exclusive and innovative products in the field of aorta. Specifically, Castor and Minos are still scaling up rapidly, and innovative products such as Fontus and Talos have been approved for marketing and are set to grow. The company’s leading position in this field is expected to be strengthened. With the approval of its peripheral drug balloon for market in 2020, the company’s peripheral artery business is likely to grow rapidly. The company also has multiple products in the field of vein that have moved on to the clinical research and development stage and are expected to yield results from 2023 to 2025. Apart from the domestic market, the company is also working on its global presence of innovative products. We have revised our earnings forecasts and estimated its EPS at CNY 6.37 in 2023, CNY 8.23 in 2024 and CNY 10.69 in 2025, implying a P/E ratio of 29.0x, 22.5x and 17.3x, based on the closing price on April 27. Maintain “Outperform”。 Potential risks less-than-expected sales volume of core products; slower-than-expected progress of the approval of new products and R&D; industry policy risks such as centralized procurement of high-value consumables; changes in competition landscape【免责声明】本文仅代表第三方观点，不代表和讯网立场。投资者据此操作，风险请自担。

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