Northeast Securities Co.,Ltd. issued a research report assigning a "buy" rating to WEIGAO GROUP (01066). The company successfully obtained Medical Device Single Audit Program (MDSAP) certification from TÜV SÜD, facilitating accelerated overseas expansion of its products. The company is a leading domestic provider of comprehensive medical system solutions, continuously strengthening its market-leading position through three core business strategies: platformization, internationalization, and digitalization. The firm projects the company's revenue for 2025-2027 to reach 135.41/149.60/163.01 billion yuan, with net profit attributable to shareholders of 20.76/23.57/26.05 billion yuan, corresponding to PE ratios of 12X/10X/9X.

The MDSAP certification program is jointly initiated by members of the International Medical Device Regulators Forum (IMDRF) and represents one of the most influential and authoritative medical device quality management system certifications internationally. Recognized by regulatory authorities in the United States, Australia, Brazil, Canada, and Japan, this certification allows medical device manufacturers to complete a single audit to satisfy quality management system requirements across all five countries, significantly reducing time and resource costs associated with separate audits in different countries.

The company is transitioning from low-value consumables to high-value/specialized consumables plus equipment, continuously improving and deepening its product portfolio. ①Medical device segment: deepening specialized consumables deployment, creating dual-driven growth through consumables and equipment, with an expected 100+ new products to receive approval over the next three years; ②Orthopedic segment: expanding around new materials, regenerative rehabilitation, intelligent assistance, and 3D printing, focusing on spinal minimally invasive procedures and pain management; ③Interventional segment: specific main products have confirmed plans for mainland production transfer, with Cleaner Vac completing multiple product launches and academic seminars, poised for volume growth; ④Pharmaceutical packaging segment: new production lines for prefilled syringes and auto-injector pens under construction, expected to commence production in 2026; ⑤Blood management segment: total blood bag capacity exceeding 100 million bags in 2025, with an additional 20 million overseas capacity planned for next year.

In the first half of 2025, the company achieved overseas revenue of 16.24 billion yuan (up 3.98% year-over-year), accounting for 24.44% of total revenue (up 0.91 percentage points year-over-year), with both the United States and EMEA regions achieving high double-digit growth. In 2017, WEIGAO GROUP acquired U.S. interventional device manufacturer ARGON; in 2020, it acquired medical device distributor GHC Healthcare; and in 2021, completed the acquisition of blood irradiation equipment manufacturer Rad Source. The company has actively advanced integration capabilities across overseas platforms including ARGON, Rad Source, and GHC in recent years, accelerating the realization of synergistic effects.