HK Stock Market Move | PEIJIA-B(09996) rose more than 7% in the afternoon. Institutions point out that the TAVR sector benefits from the increase in medical insurance coverage and the commercialization of TaurusTrio.

PEIJIA-B (09996) rose more than 7% in the afternoon, rising 6.87% to HK$6.07 as of the time of publication, with a turnover of HK$61.03 million. On the news side, Peijia Medical previously released its annual performance, with the group achieving revenue of RMB 713 million, a year-on-year increase of 15.82%. The announcement showed that during the period, sales revenue of TAVR-related products increased by 11.6% year-on-year to RMB 290 million; sales revenue of neurointervention products increased by 18.9% year-on-year to RMB 423 million, and the profit of this segment increased by 86.6% year-on-year to RMB 97.2 million. Huatai issued a research report stating that by 2026, considering the post-bidding volume of TAVR products in the country + the volume of TaurusTrio aortic valves returning to hospital within the year, the neurointervention segment spring ring will contribute stable cash flow, and the FDA-approved DCwire micro-guidewires will start to contribute overseas income. We estimate that the company's revenue from the TAVR segment in 2026 is expected to increase by 30%, with the neurointervention business maintaining a stable revenue growth rate of 15-20%. The group as a whole aims to achieve a balance between profit and loss within the year. Considering that the company's third-generation long-term valve TaurusNXT and mitral valve repair GeminiOne TEER are expected to be successively listed in the registration stage, combined with the steady progress of multiple TMV/TTV clinical pipelines, we maintain a "buy" rating.