\u3000\u3000 Shanghai Microport Endovascular Medtech (Group) Co.Ltd(688016) (688016)
Events
On January 11, the company announced that it had obtained the medical device registration certificate of straight tube thoracic aortic covered stent system issued by the State Food and drug administration. The registration certificate is valid from January 6, 2022 to January 5, 2027, and is registered as class III medical devices. The product is suitable for the surgical treatment of Stanford type B aortic dissection.
Comments
The products are continuously innovated and upgraded, and the straight pipe support has entered the fourth generation. Compared with traditional open surgery, endothoracic aortic repair with aortic covered stent has the characteristics of minimally invasive injury, short operation time and short recovery time. At present, it has become the first choice for the treatment of Stanford type B aortic dissection. The Talos thoracic aorta covered stent system listed by the company this time is the fourth generation of straight tube products, with clear overall R & D layout and strong product innovation and upgrading ability.
Solve the limitations of traditional products and highlight the advantages of innovative design. The previously used thoracic aortic covered stents are usually short in length and can not cover all the lesions of dissection. If multiple stents are used, intercostal artery occlusion will be caused, increasing the risk of spinal cord ischemia. Talos increases the length and taper specifications of the stent, and has a distal micropore design. While opening the true lumen of the aorta and blocking the distal breach of the dissection, Talos ensures the blood supply of the intercostal artery. Compared with previous products, Talos has significant advantages, and is expected to be quickly accepted by doctors after listing.
The products are intensively approved, and the long-term growth power is sufficient. Recently, the company’s ryflumen peripheral high-pressure balloon dilation catheter, fontus branch intraoperative stent and Talos thoracic aorta covered stent have been approved one after another. In the future, new products are expected to gradually realize sales, providing strong support for the company’s performance growth. In addition to the new products that have been listed in the field of aorta and peripheral artery, the company has also arranged a large number of innovative products in the field of peripheral vein and tumor intervention, with strong R & D strength and rich long-term product development direction.
Profit adjustment and investment suggestions
We are optimistic about the company’s competitiveness in the field of aortic stents. At the same time, the layout of the field of peripheral vascular intervention has great potential in the future. It is estimated that the net profit attributable to the parent company will be 308, 423 and 572 million yuan respectively from 2021 to 2023, with a year-on-year increase of 43%, 37% and 35%, maintaining the “buy” rating.
Risk tips
Risk of medical insurance fee control policy; The risk that the R & D of new products does not meet the expectations; Risk of product promotion failing to meet expectations; Overseas trade friction risk.
