金吾财讯 | 浦银国际发研指，髋、膝关节类产品为爱康医疗(01789)最核心的收入来源（1H24贡献收入85%），在年内落地的关节国采接续采购中，爱康在各个产品分组中均以A组中选，中标价维度，除需求量较小的金对聚髋关节（占髋+膝总报量2%）中标价有所下降外，其余产品中标价均实现上调，出厂价维度个别产品实现出厂价上调。随着关节集采风险出清且出厂价基本持平，叠加反腐进一步常态化，公司2025年收入有望在今年较低的基数下实现复苏增长，净利端则有望享受接续采购后更显著的规模效应及持续的费用率优化。该行指，爱康为国内首家将金属3D打印用于骨科植入物的企业，在骨科3D打印领域具备先发优势。公司基于3D精确构建技术（3DACT）及ITI医工交互平台推出的ICOS定制化平台，可满足患者定制化、缩短手术及康复时长等核心需求，中高端市场推广潜力大。此外，公司VTS及手术机器人产品陆续上市，后续将结合ICOS打造数字骨科平台，借助数字骨科平台进一步拉动耗材销售。此外，公司在海外拥有爱康及JRI双品牌，具备全产品线优势及规模化潜力，海外市场有望成为公司长期增长第二引擎。该行预计公司2023-2026E收入CAGR22%，给予公司22x2025EPE目标估值倍数，该目标估值倍数与公司过去3年均值持平。首次覆盖，并给予“买入”评级。
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