脊柱集采出清，全球化布局脊柱机器人+超声骨刀

2/21证券研究报告海外产品推广不及预期，产品注册及获批进度不及预期，国际贸易摩擦风险。[Table_Profit]⚫重要财务指标单位:百万元主要财务指标2024A2025E2026E2027E营业收入454599759952收入同比（%）-1.5%32.0%26.8%25.4%归属母公司净利润1190154238净利润同比（%）-88.0%684.8%71.6%54.0%毛利率（%）71.3%72.6%74.7%77.3%ROE（%）0.6%3.7%6.1%8.6%每股收益（元）0.050.320.560.86P/E423.8061.5935.9023.31P/B2.752.302.172.01EV/EBITDA68.3929.1617.4911.13资料来源：ifind（2025年5月29日），华安证券研究所预测 3/21正文目录1脊柱领域的创新驱动型企业..............................................................................................................................................51.1立足脊柱，十年打磨成长为骨科新星............................................................................................................................51.2股权结构清晰，三位联合创始人为实控人...................................................................................................................61.3传统业务受集采扰动，积极拓展新业务领域................................................................................................................62集采之下脊柱耗材国产化进程加速..................................................................................................................................72.1四大骨科耗材市场经历多轮集采..................................................................................................................................72.2脊柱植入耗材赛道成长性良好......................................................................................................................................92.3公司脊柱类产品覆盖全面，创新性优势突显.............................................................................................................103超声骨刀+手术机器人，彰显国际化定位.....................................................................................................................123.1超声骨刀是一种新型外科手术工具，临床应用领域广泛..........................................................................................123.2水木天蓬掌握超声骨刀核心技术，未来销售有望快速提升.....................................................................................133.3全资收购水木天蓬股权，通过Implanet加速出海.....................................................................................................153.4子公司春风化雨布局脊柱机器人，打开收入增长上限.............................................................................................164盈利预测与投资建议........................................................................................................................................................184.1业绩拆分与盈利预测.....................................................................................................................................................184.2可比公司估值.................................................................................................................................................................194.3投资建议.........................................................................................................................................................................195风险提示............................................................................................................................................................................19财务报表与盈利预测...........................................................................................................................................................20[Table_Finace].....................................................................................................................................................................20 敬请参阅末页重要声明及评级说明证券研究报告 4/21图表目录图表1公司发展历史............................................................................................................................................................5图表2公司团队核心介绍（截至2024年年报）...............................................................................................................5图表3公司股权结构（截至2025年一季报）...................................................................................................................6图表4公司营业收入及增速（左轴：亿元，右轴：%）.................................................................................................6图表5公司归母净利润及增速（左轴：亿元，右轴：%）.............................................................................................6图表6公司营业收入结构（亿元）....................................................................................................................................7图表7公司销售毛利率及销售净利率（%）....................................................................................................................7图表8骨科医疗器械分类....................................................................................................................................................8图表9骨科植入耗材集采情况概览....................................................................................................................................8图表10 2015-2021年中国脊柱耗材市场规模.....................................................................................................................9图表11 2021年中国骨科植入市场占比..............................................................................................................................9图表12 2022年中国脊柱耗材市场竞争格局企业占比情况............................