Guotai Haitong: Initiate coverage on ZYLOXTB (02190) with a "buy" rating and a target price of HK$36.4.

Guotai Haitong released a research report stating that it is initiating coverage on ZYLOXTB (02190) for the first time, with a "hold" rating. The predicted EPS for 2025-2027 is 0.70/0.89/1.14 yuan. Based on comparable companies and considering the company's well-rounded product layout and fast-growing performance, the company is given a 48XPE for 2025, with a corresponding target price of 33.5 yuan/36.4 Hong Kong dollars (exchange rate: 1 Hong Kong dollar = 0.92 RMB). Guotai Haitong's main points are as follows: Both neurovascular and peripheral interventions driving the platform's comprehensive layout ZYLOXTB, established in 2012, focuses on peripheral and neurovascular interventional medical devices and has established a rich and comprehensive vascular intervention product lineup. As of August 2025, the company has 73 products and products in development, with 51 products approved by NMPA and 8 products CE certified by the EU. With a comprehensive platform layout, the company effectively seizes the opportunity of centralized procurement for rapid performance growth. Outstanding commercialization capability, incremental procurement gradually driving domestic volume Since the launch of a major product at the end of 2020, within less than five years, the company has established a wide distribution network covering over 3000 hospitals. With the gradual expansion of market access for the company's products, domestic products have accelerated volume production after centralized procurement, and the sales revenue of the company's neurovascular and peripheral vascular intervention products has both grown rapidly. In 25H1, the sales revenue of the company's neurovascular intervention products increased by +25.0% year-on-year, and the sales revenue of peripheral vascular intervention products increased by +46.2% year-on-year. Continuous overseas cultivation, long-term growth in international markets In 25H1, the company's international business grew by 36.9% year-on-year, mainly from Europe and Asia. Currently, the company's peripheral and neuro products cover 7 of the top 10 global markets. As of 25H1, the company has sold a total of 22 products in 27 overseas countries/regions and continues to cultivate the European market, further penetrating markets like France, Germany, Italy; and expanding into emerging markets like Brazil, India, South Africa, achieving rapid growth. The company has established strategic partnerships with over 60 local partners, with channels covering 52 countries and regions worldwide.